SOURCE: MoneyLine Lending Services

July 11, 2005 09:00 ET

MoneyLine Lending Services Introduces Reverse Mortgage Services to Help Financial Institutions Build Customer Relationships

MoneyLine Enables Financial Institutions to Offer Reverse Mortgages - A Valuable Tool That Is Coming Out of Obscurity as a Key Loan Product for Financial Institutions and Their Customers

IRVINE, CA -- (MARKET WIRE) -- July 11, 2005 -- MoneyLine Lending Services, which specializes in providing financial institutions with customized, outsourced services designed to build customer relationships, is pleased to announce that it now offers reverse mortgage loan services as another tool to help its financial institution clients build and retain customer relationships. MoneyLine specializes in outsourced mortgage origination and fulfillment services, and adds the reverse mortgage to its diverse portfolio of quality mortgage products for financial institutions and their customers.

"The reverse mortgage is a key product for financial institutions and their customers because it enables homeowners, 62 or older, to remain in their homes, and converts the home into a source of valuable income. As the baby boomer generation realizes the opportunities these loans afford, it is a perfect time for financial institutions to begin offering these loans," said Brad Barber, executive vice president, MoneyLine Lending Services. "Now, MoneyLine is making the reverse mortgage available to financial institutions as another lending tool through which they can build client relationships and attract new clients."

MoneyLine's reverse mortgage is like all reverse mortgages in that it allows the financial institution's customer to borrow against the equity they have built in their home as long as the home remains the borrower's principal residence. Unlike a traditional mortgage loan, the borrower is able to receive regular payments instead of making monthly payments, regardless of their current income situation. Reverse mortgages enable homeowners, 62 or older, to live in and own their home while gaining a means for tax-free income to increase their monthly retirement income; purchase other financial products such as annuities, long-term-care plans or life policies; or simply create a cash reserve.

The reverse mortgage provides the borrower with many other benefits. This versatile loan allows the borrower to choose how the payments are received as well as how the funds are used. Many homeowners use their reverse mortgage funds to pay for healthcare costs, eliminate existing mortgage payments, or to reduce financial burdens carried by their children. The loan is secured solely by the borrower's home and only requires repayment once the borrower is no longer occupying the home as a principal residence.

"Assisting our clients in offering reverse mortgages to their customers will allow these institutions to meet the rapidly growing demand for this unique financial product," said Evan Gentry, president and CEO of MoneyLine Lending Services. "One of the key ways MoneyLine provides financial institutions with leading-edge, competitive services is by continuing to expand our portfolio of innovative products and services and by finding new ways to help our clients build customer relationships."

About MoneyLine Lending Services

MoneyLine Lending Services specializes in providing financial institutions with customized, outsourced solutions designed to help build customer relationships. MoneyLine offers private-label mortgage origination and fulfillment services that enable financial institutions to profitably offer a competitive, full-service mortgage program without the significant infrastructure costs associated with mortgage operations. Multiple origination channels and real-time tracking tools enhance the client experience. MoneyLine also offers commercial lending services to help financial institutions retain and attract new customers by enabling them to offer permanent commercial real-estate loans, specialized loans and leases, and asset-based loans without compromising lending and asset/liability policies. For more information, visit www.moneylinelending.com or call 800-837-8570.

Contact Information

  • Contact:
    Evan Gentry
    President and CEO
    MoneyLine Lending Services
    800-837-8570
    Email Contact