Live Well Financial is moving to expand its forward mortgage sector based on the current woes of the reverse mortgage market.
A new report reveals that the company is switching gears from the reverse mortgage driven business it once was. That being said the company will not abandon the reverse mortgage business.
"Bruce Barnes, executive vice president at Live Well, says the company will focus on promoting traditional mortgage products to its closed-loan sellers, wholesale partners, and retail branches," according to Reverse Mortgage Daily.
“Our goal is to not shrink any portion of our reverse business, but to grow the forward side so that it is equal to or greater than our reverse operations.”
Major concerns for Live Well Financial include the "potential for upcoming changes" to the reverse mortgage platform. According to the report, the company believes that the possible separation of the mortgage insurance fund from reverse mortgages. In turn these changes may cut the volume of reverse mortgages.
Live Well Financial is not the only company looking to make the move. In fact, companies like Baseline Reverse and American Advisors Group have been making similar moves to secure and grow a forward mortgage sector of the respective companies.
To learn more about why companies like Live Well Financial are beefing up the forward mortgage sectors, click on the image above.