Local reverse mortgage firm rebrands with new Reverse Mortgage USA
August 22, 2016
Local Reverse Mortgage Firm Rebrands with New Reverse Mortgage USA
CHARLESTON, SC – As part of a rebranding and name change, David Heilman has been named director of sales for Reverse Mortgage USA, a division of Success Mortgage Partners. Franklin Funding Reverse Mortgages has been absorbed into the new brand focused specially on reverse mortgages. The Franklin Funding staff, including Heilman, will maintain its Charleston area office and serve clients around the Lowcountry and the state.
Five years ago, Franklin Funding, which has been helping individuals and families with the reverse mortgage process since 1999, became a division of Success Mortgage Partners in Michigan. Now, Success Mortgage Partners has merged its reverse mortgage partner companies into one company under the Reverse Mortgage USA brand.
“This is a structural change with a new name and logo, but, for our clients, everything stays the same. Our level of service and commitment to providing them with the best in reverse mortgage services remains completely unchanged,” said Heilman, the state’s only Certified Reverse Mortgage Professional.
As the director of sales, Heilman will oversee loan officers in South Carolina, Georgia, Florida, Texas, Illinois, Indiana and Michigan – while continuing to work with new and existing clients locally.
Available to those age 62 and older, a reverse mortgage or Home Equity Conversion Mortgage, allows homeowners to convert part of the equity in their home into cash without having to sell, give up title or take on a new monthly mortgage payment. Borrowers can elect to take cash out (to pay off an existing mortgage for example), set up a line of credit for future needs, elect for monthly draws, or a combination of all three. Homeowners are responsible for continuing to pay property taxes, insurance, any HOA dues, and maintain the condition of the home.
The balance is repaid when the home is sold, and the homeowners (or their heirs) receive any remaining equity. Because this type of loan is FHA-Insured, should there be any shortfall at the time of sale the homeowners, heirs or estate are not responsible for that amount.
About Reverse Mortgage USA
Reverse Mortgage USA, a division of Success Mortgage Partners, is a mortgage banking firm offering a range of reverse mortgage options. The company is focused on improving the quality of life for its clients and their families, while removing fear and confusion surrounding this unique loan program designed specifically for older Americans. For more information, visit www.ReverseMortgageUSA.com.
