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Reverse Mortgage Solutions Inc. was created in 2007 by Bob Yeary, Kevin Gherardi, and Ken Austin. It has grown into the biggest Ginnie Mae HMBS issuer and is one of the largest reverse mortgage providers in the industry. The company is approved by Fannie Mae, the Federal Housing Administration, and the Housing and Urban Development.
Reverse Mortgage Solutions is approved by the Housing and Urban Development (HUD), the Federal Housing Administration (FHA), and Fannie Mae. This means that Reverse Mortgage Solutions is adhering to the codes and regulations of each of these companies.
Reverse Mortgage Solutions gives borrowers access to equity in their home through FHA-insured reverse mortgages. To be eligible to receive a reverse mortgage:
Reverse Mortgage Solutions' website is quite difficult to understand and contains very little information for potential customers.
At the time of this writing, Reverse Mortgage Solutions is currently involved in a lawsuit. Some of the company's employees have told customers that "they would have no payments with a reverse mortgage", that "they would always retain ownership", and that "they cannot be forced to leave their home".
Although in some cases this can be true, most individuals still must make a monthly payment for their homes, and there is a risk someone could be forced out of their home. Those companies that fail to clarify this are breaking Mortgage Acts and Practices Advertising Rule or "Regulation N".
Most of Reverse Mortgage Solutions' work sourced out to other lenders.