The majority of reverse home mortgage loans are offered through the federal government but there are some reverse home mortgage loans that are available through private lenders. The largest private lender for reverse home mortgages is a company called OmniHome Financing Inc. This company has recently needed to move to a larger headquarters office because of the fact that demand for reverse mortgages has increased the size of the company's staff.
The reverse mortgage industry has been growing exponentially over the past few years and there seems to be no indication that the growth of the industry is going to slow down anytime soon. This means that other private lenders in the reverse mortgage industry may also be seeing the same kind of success and growth that is represented by the headquarters move of OmniHome Financing. It also means that there are new private reverse mortgage lenders springing up which increases competition in the market and could lead to better reverse mortgage loans for seniors.
Question of the Day: What does the headquarters move of the nation's largest private reverse mortgage lender mean for the industry?
