San Diego, California (PressExposure) September 26, 2011 -- For some industries, this year has been anything but business as usual. Count the reverse mortgage industry among them.
Among reverse mortgage lenders, business is booming yet more competitive than ever, economies of scale are a crutch, and there's no shortage of complex legalize or daunting new government regulation and oversight to adapt to.
But one company has thrived in these most uncertain of economic and business cyclical tides - Legacy Reverse Mortgage, a lender based out of San Diego, California, spearheaded by some of the industry's earliest pioneers.
What helps Legacy stand out among the rest is manifold: affordable access and long-term costs; superb customer service; and high retention, referral, and satisfaction rates, among much more.
Seniors aged 62 years or older can use a reverse mortgage to generate tax-free income during their retirement. The transaction is essentially a loan from a mortgage company, secured by the borrower's home equity. It's been gaining popularity in recent years amidst a stagnant, ailing economy.
Although reverse mortgages have been around since the 1970's, the benefits of the loan for borrowers has only recently been embraced by the masses, as more than 70 million Baby Boomers, financially unprepared and insecure thanks to a prolonged global recession, face retirement.
Naturally, reverse mortgages rarely garner good, unanimous, or high-spirited publicity or endorsement, along with many other products that cater directly to seniors. Much controversy has trolled overhead the industry, with the usual qualms associated - that reverse mortgages are expensive, unnecessary, and predatory.
But with some education, due diligence on the part of the borrower, and sound industry regulation, the team at Legacy has found borrowers are willing, often able, and the vast majority of the time do, see past the negative publicity and rhetoric.
Legacy delivers education through their website, LegacyReverseMortgage.com.
Seniors who are interested in learning more about reverse mortgage are encouraged to browse the company's website to participate in a live chat with a Legacy representative; enjoy the original blog with free, education posts and articles; and use the site to generate a reverse mortgage quote.
Free education and information is an important ally Legacy has recognized as a major contributor to the company's success.
Legacy delivers some of the best rates in the country.
Legacy works with a multitude of experienced reverse mortgage lenders to find the lowest rate and lowest fee available, something especially important now that the big banks no longer offer reverse mortgages. Legacy was one of the first lenders to offer the Federally-insured HECM Saver after it became available last year. The HECM Saver is a reverse mortgage product with far lower upfront fees and some of the lowest interest rates available.
Legacy has a name in the industry among competitors and customers alike.
Jim Cory, CEO of Legacy Reverse Mortgage, has been in the reverse mortgage industry for over 13 years and has served on the Board of Directors for the National Reverse Mortgage Lenders Association (NRMLA). Along with COO Todd Ausherman, Cory regularly joins real estate talk show host Craig Sewing on his San Diego-based radio program, The Craig Sewing Show.
Customer retention and satisfaction is high at Legacy.
A Yelp review page for Legacy Reverse Mortgage features genuine reviews from past reverse mortgage borrowers and their family members. While other companies shut down their business, like Financial Freedom, one of the three biggest reverse mortgage lenders in the country before shutting their doors in early March, Legacy continues to grow through referrals and new business.
One satisfied customer even started his 5-star rated Yelp review with a powerful and telling opening, "This is a tough biz to earn a positive review".