NewDay USA will now be a correspondent purchaser of the Federal Housing Administration’s Home Equity Conversion Mortgage for Purchase program. Specifically, the company is targeting buying these loans from homebuilder-owned mortgage companies.
“All of the nation’s largest homebuilders have business units dedicated to retirement community building and sales, and the reasons are obvious. The demand for senior housing is set to skyrocket. Baby boomers have officially become seniors. At the same time, the boomers’ elderly parents are enjoying longer, more active lives,” said Joseph J. Murin, president of NewDay USA. “Along with the demand for senior housing there’s an equally strong need for financial solutions tailored to the needs of seniors and retirees.”
NewDay USA will buy fixed- and adjustable-rate mortgages for both the standard and Saver versions of the HECM for Purchase program.