Article Summary
GoodLife Home Loans, a subsidiary of Traditional Mortgage Acceptance Corporation (TMAC), has launched a retail reverse mortgage division to complement its wholesale operations. The division is led by a team of experienced loan officers, including Linda Weilert and Catalina Gonzalez, who bring decades of expertise to the table. The company aims to leverage its position as a top Home Equity Conversion Mortgage (HECM) lender and Ginnie Mae HMBS issuer to expand its direct-to-consumer offerings. This move reflects GoodLife’s commitment to the reverse mortgage market and its focus on hiring top talent to drive growth.
What This Means for You
- Access to a trusted lender: GoodLife’s reputation as a top HECM lender ensures reliable and professional service for seniors seeking reverse mortgages.
- Expanded opportunities for loan officers: The company’s aggressive compensation packages make it an attractive option for reverse mortgage professionals looking to join a high-performance team.
- Increased market competition: GoodLife’s entry into the retail space may drive innovation and better terms for consumers.
- Future outlook: With its strong leadership and industry connections, GoodLife is poised to become a major player in the retail reverse mortgage market.
GoodLife Home Loans launches retail reverse mortgage division, says it is actively hiring
GoodLife Home Loans, dba of Bellevue, Wash.-based Traditional Mortgage Acceptance Corporation (TMAC), announced this week that it has launched a new retail reverse mortgage division to add to its existing efforts in the wholesale space.
GoodLife is one of the leading Home Equity Conversion Mortgage (HECM) lenders on the wholesale side, as well as a major issuer of Ginnie Mae HECM-backed Securities (HMBS). The company called the launch of the new division a “significant milestone” as it aims to bring its team of reverse mortgage industry veterans more directly to the retail lending channel.
The division at present consists primarily of four loan officers. Two of them, Linda Weilert and Catalina Gonzalez, had previously served at Open Mortgage’s reverse division prior to its closure in late 2023.
For Weilert, a 17-year reverse mortgage industry veteran, it is still early days for the new division’s operations but she told HousingWire’s Reverse Mortgage Daily (RMD) that the experience so far has been a positive one.
“The corporate leadership has been outstanding,” she said when reached on Friday. “They’re supportive, committed to the retail space and the culture is great. Processing and underwriting is very professional. We’re the first loan originators in the retail space for them, and we’re hoping to make an impact in it. They’ve been very supportive, and I’m honored to be in this next chapter with them.”
The division also consists of LOs Marilyn Brown Ross and Chris Weilert. All told, they collectively possess “over 40 years of industry experience, deep product knowledge and a track record of success serving seniors across the country,” the company said.
Anthony Gaglione, senior marketing manager at TMAC, said that hiring the right people has been a core priority as the company has worked to stand the retail division up.
“We’ve hired the best and brightest, most successful reverse mortgage specialists,” Gaglione said in a prepared statement. “This new retail division is built on a foundation of integrity, trust and leadership, and we are excited to bring our wholesale expertise to consumers through this dynamic team.”
The company’s position as a Ginnie Mae issuer gives it market differentiation, it said, and the retail division will follow the same principles that have guided its wholesale efforts. The division is also seeking to attract new originator talent, Gaglione added.
“We offer the most aggressive compensation package in the industry,” he claimed. “If you’re a reverse mortgage professional closing 10 or more reverse mortgages annually who wants to be part of a high-performance, forward-thinking organization, we want to hear from you.”
GoodLife/TMAC is an active member of the National Reverse Mortgage Lenders Association (NRMLA). Brett Dunn, chief investment and chief operating officer at the company, was elected as the treasurer of the NRMLA board last fall.
People Also Ask About
- What is a reverse mortgage? A reverse mortgage allows seniors to borrow against their home equity without selling the property.
- How does a HECM work? A Home Equity Conversion Mortgage (HECM) is a federally insured reverse mortgage program designed for seniors aged 62 and older.
- What is GoodLife Home Loans’ reputation? GoodLife Home Loans is known as a top HECM lender and Ginnie Mae HMBS issuer with a strong industry presence.
- How can I apply for a reverse mortgage? You can apply through a lender like GoodLife Home Loans, which offers personalized guidance and competitive terms.
- What are the risks of a reverse mortgage? Risks include potential fees, interest accrual, and the obligation to repay the loan if you move or sell your home.
Expert Opinion
GoodLife Home Loans’ entry into the retail reverse mortgage market represents a strategic move to tap into the growing demand for senior financial solutions. With its experienced team and strong industry reputation, the company is well-positioned to offer consumers reliable and innovative options. This expansion also underscores the broader trend of lenders diversifying their offerings to meet evolving market needs.
Key Terms
- Retail reverse mortgage division
- Home Equity Conversion Mortgage (HECM)
- Ginnie Mae HMBS issuer
- Senior financial solutions
- Reverse mortgage professionals
- GoodLife Home Loans expansion
- Competitive reverse mortgage packages
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