All Reverse Mortgage Company becomes only active lender offering reverse mortgages in the U.S. Virgin Islands.
Garden Grove, CA (PRWEB) August 24, 2012
The U.S. Virgin Islands will now have dedicated access to reverse mortgages, now that Garden Grove, Calif.-based lender All Reverse Mortgage Company has expanded its business to the U.S. territory.
All Reverse Mortgage Company is the only lender actively offering the federally-insured Home Equity Conversion Mortgage (HECM) program to consumers in the Virgin Islands.
"We had a flurry of activity in the territory, so we started looking into getting licensed and found that no one was serving the area," said Michael Branson, CEO of All Reverse Mortgage Company.
The company serves the St. Croix, St. Thomas, and St. John areas of the region.
While the overall market may be small relative to the U.S., All Reverse Mortgage Company still sees value in expanding into the region.