Plano, Texas-based Starkey Mortgage announced it launched a Reverse Mortgage Division in order to help borrowers who are 62 years of age or older to use their home equity as a retirement asset.
Reverse mortgages, also known as Home Equity Conversion Mortgages, or HECM, can also be used to purchase a new home without paying all cash while enjoying the benefits of not having a mortgage payment.
In light of the new division, Starkey Mortgage named Ken Witte branch manager.
“We believe that offering a full range of loan products is best for our clients so we can assist everyone from the first-time borrower to the last-time borrower,” said Witte. “A consumer should be able to consider all loan options by working with a lender such as Starkey Mortgage that offers both forward and reverse mortgage options.”
Through the program, Starkey Mortgage hopes seniors will be able to take advantage of their home equity for things like moving closer to family or reducing their square footage.