Ken Keranen, a 17-year veteran in the reverse mortgage industry has joined HomeServices Lending, a joint venture between HomeServices of America, a Berkshire Hathaway company and Wells Fargo Home Mortgage. Working primarily with realtors, Keranen will be concentrating his efforts on the HUD/FHA Reverse Mortgage for Home Purchase Program.
The program was nationally formalized in the beginning of 2009. The number of Reverse Mortgage for Home Purchase completed transactions during the last half of 2009 hovered around 130 units per month. Keranen, like many other veterans in the industry, feels that this segment has nowhere to go but up. Keranen believes that within a decade it will account for as much as 50 percent of the overall number of units as Baby Boomers seek purchase their retirement home with a reverse mortgage.
Keranen will be housed in a Prudential California branch in San Diego as Prudential is one of the HomeServices Real Estate Companies joint ventured with Well Fargo Home Mortgage. Wells is one of the largest producers of reverse mortgages in the country with approximately 20 percent of the total market. Working in conjunction with traditional home mortgage consultants, Ken will be handling reverse mortgage inquiries along with teaching realtors and others about the program. This program has been a passion of Keranen since he closed his first reverse mortgage application in 1993.
For more information, visit www.homeloans.com/ken-keranen.