US-based Dollar Bank has announced the addition of reverse mortgages to its asset product offerings.
An approved lender by the US Department of Housing and Urban Development and the National Reverse Mortgage Lenders Association, Dollar Bank entered into the reverse mortgage business over the past year. The bank decided to place these reverse mortgages into its asset portfolio and retain the ownership of its servicing. This means, customers will be able to reach a local representative if they have any questions, said Dollar Bank.
Dollar Bank believes reverse mortgages represent the additional loan product it needed to fulfill its goal of becoming the lifetime provider of loans to its customers.
Mike Henry, Dollar Bank’s vice president of mortgage lending, said: Dollar Bank believes many senior citizens are struggling day-to-day to live comfortably or make ends meet. As a result of this, more and more older Americans are turning to reverse mortgages as a solution to their financial needs. With the help of a reverse mortgage, these seniors find they can cope with the myriad of financial pressures that include rising out of pocket costs for medical care and prescription drugs as well as increasing property taxes on their homes.
