NewDay USA, one of our nation’s leading VA, reverse and government lenders, today announced that it has expanded its product menu and will now serve as a conduit-buyer for Purchase Reverse Mortgage products originated by builder-owned mortgage companies, as well as offering the product through the retail channel.
“All of the nation’s largest home builders have business units dedicated to retirement community building and sales, and the reasons are obvious. The demand for senior housing is set to sky rocket. Baby boomers have officially become seniors. At the same time, the boomers’ elderly parents are enjoying longer, more active lives,” said Joseph J. Murin, president of NewDay USA. “Along with the demand for senior housing there’s an equally strong need for financial solutions tailored to the needs of seniors and retirees.”
NewDay’s Builder Division will serve as a correspondent buyer for the full array of purchase loans available through HUD’s “Home Equity Conversion Mortgage (HECM) for Purchase” loan program. This includes fixed- and adjustable-rate options for both the standard and Saver versions of the HECM for Purchase program.
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