LTC Financial Partners LLC (LTCFP) has announced the formation of a new affiliate, Reverse Mortgage Direct LLC (RMD), which will provide reverse mortgages to Americans 62 and up. "We're delighted to add this new service to our corporate offerings," says Cameron Truesdell, CEO of LTCFP, one of America's most experienced long-term care insurance agencies. "Now we can help more people breathe easy, knowing they've got the means to pay for care when needed."
Josh Stephens, RMD's president, points out that the proceeds of a reverse mortgage may be used for anything, but that "as an affiliate of LTCFP, RMD will emphasize two particularly vital uses. The first is to help the thousands of senior home owners that contact LTCFP every year that don't qualify for long term care insurance. Now they can create a fund of money using a reverse mortgage to help with the costs of long-term care, and this helps them stay in their homes longer too. The second vital use is to help the millions of senior home owners on a fixed income that have lost a significant amount in the stock market; with a reverse mortgage, they can recover some of their spending power and financial security."
The reverse mortgages RMD will be offering are government-insured FHA Home Equity Conversion Mortgages (HECM). Stephens says, "The HECM loan is both FHA insured and non-recourse. That means that if the sales proceeds are insufficient to pay the amount owed, FHA will pay the lender the shortfall and the homeowner will owe nothing more to the lender or FHA."
For more information, visit www.ltcfp.com.