Reverse Mortgage Pros and Cons

With more and more Hispanics moving into the US every year, it’s only appropriate for one of Puerto Rico’s largest reverse mortgage lenders to move stateside in order to better serve the growing Hispanic market.


According to the 2010 census, Hispanics make up 13% of the population of the United States and it is reported that only half of these people can speak decent English. Money House is the second largest reverse mortgage lender in Puerto Rico. the company has seven branches, over 80 employees, and accounts for 26.5% of the reverse mortgage market in Puerto Rico– according to Reverse Market Insight.

The company has stated that this would be a huge undertaking for them, however it would be a move that could prove to be wildly profitable as many lenders are moving out of the reverse mortgage industry. Not only that, but the Hispanic market is so underserved that Money House believes it will be the number one reverse mortgage lender serving Hispanics stateside in only a few short years.

[With the exits of Bank of America and Wells Fargo] there is a huge opportunity for a company like us,” said David Levis, CEO of Money House during an interview with RMD. ”We want to take our way of doing business in Puerto Rico and transfer it to the U.S.”

Seems like a smart move.

With more US based banks taking a call center approach to originating reverse mortgages, Levis believes that taking a more personal approach to originating these mortgages will be a better approach, especially in the Hispanic market. If you are in the market for a reverse mortgage, it only seems right to speak with a lender face-to-face, versus someone in a call center who does not have your best interest at heart. Levis understands this and hopefully will capitalize on this smart move. Money House plans to initially operate in 10 states that have the majority of the Hispanic population.