Retirement Funding Solutions, a top 10 reverse mortgage lender, has announced a partnership with 55places.com, an online resource for active adult communities.
RFS is a division of Synergy One Lending, which was acquired by Mutual of Omaha Bank last year.
At the time, Synergy One President Torrey Larson told HousingWire that the key to success for HECM lenders in this tough climate would be to “think differently” about how to educate and engage seniors.
With this new partnership, it appears the lender is doing just that.
Together, the two entities are forming 55places Mortgage, which aims to guide users though the home financing process, presenting both traditional and reverse mortgage options.
RFS will use the platform to educate users about the HECM for Purchase, a little-known and underutilized reverse mortgage that allows someone over the age of 62 to purchase a primary residence and obtain a reverse mortgage in a single transaction with one set of closing costs, effectively moving into a new home without incurring a monthly mortgage payment.
The deal requires a significant down payment, often more than half the purchase price, and that equity is then used to generate the reverse mortgage.
“We are thrilled to partner with 55places and provide our HECM for Purchase expertise to this audience,” said Retirement Funding Solutions President Alex Pistone. “This is an exciting opportunity to educate more active adult homebuyers and guide them to a mortgage that’s best for them.”