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Sage Credit Company Expands Services Through Reverse Mortgage Department: Sage Credit Company Launches Reverse Mortgage Department
IRVINE, Calif. (BusinessWire EON) July 13, 2007 -- Sage Credit Company, Inc., headquartered in Irvine, California, is a rapidly emerging mortgage banking company licensed nationwide, and by the U.S. Department of Housing and Urban Development. www.sagecreditcompany.com
A reverse mortgage enables older homeowners (62+) to convert part of the equity in their homes into tax-free income without having to sell their home, give up title, or take on a new monthly payment.
The number of reverse mortgages has grown dramatically in recent years with the increase in property values and the aging of the Baby Boomer generation. The number of reverse mortgage originations increased from 6,640 in 2000 to 76,351 in 2006. There were 8,824 reverse mortgages originated in January 2007 which was a 59% increase over January 2006 and 25% more than all of 2000.
"The establishment of a Reverse Mortgage department broadens our scope of services and provides many benefits for our mortgage network," said Quentin Caruana, President of Sage Credit Company. "Reverse mortgages are a growing segment of the market and will continue to expand to meet consumer needs. A reverse mortgage channel enhances our business offering and makes us more competitive in the marketplace," said Caruana.
"Reverse mortgages are an innovative financial product and can provide many retired people on fixed incomes the opportunity to remain in their homes while providing financial security at the same time," said Paul Rodriguez, Executive Vice President of Sage Credit Company.
About Sage Credit Company
Sage Credit Company, Inc., headquartered in Irvine, California, is a rapidly emerging mortgage banking company licensed nationwide, and by the U.S. Department of Housing and Urban Development. The company has a robust network of retail offices providing a comprehensive array of loan products, including mortgages for first-time buyers, home equity loans; cash out refinance loans, and debt-consolidation loans. Sage Credit Company conducts both mortgage banking activities utilizing Wall Street conduits.
Sage Credit Company is located in the Irvine Spectrum at 8001 Irvine Center Drive, Irvine, California 92618. For more information please visit www.sagecreditcompany.com.
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