Retirement Funding Solutions will begin issuing reverse mortgages, the division of Synergy One Lending said this week.
The company, based in San Diego, currently operates in eight states, offering forward mortgage products in the retail, consumer direct and wholesale distribution channels.
“Our sales force will be made up of some of the best professionals in the industry, all of whom are committed to the financial well-being of the senior homeowner,” said Torrey Larsen, president of Synergy One Lending, in a press release.
“We will leverage the team’s collective knowledge and experience to deliver the best possible service and value proposition to our customers.”
Retirement Funding claims that it will be well-positioned to enter the reverse mortgage market because it has no exposure to legacy asset risk.
“The headwinds of lower industry volume levels and the implementation of financial assessment make it an opportune time to establish a new way of creating business,” Larsen continued in the release.
“The recent program changes have improved long-term sustainability of the Home Equity Conversion Mortgage program, so we look forward to building in this industry again.”