WSFS Ranked Delaware’s No. 1 Reverse Mortgage Lender

""WSFS Financial Corporation"":http://www.wsfsbank.com, the parent company of Wilmington Savings Fund Society FSB (WSFS Bank), has been ranked as the No. 1 reverse mortgage lender in the state of Delaware according to data published by the U.S. Department of Housing and Urban Development (HUD).
The rankings are published monthly as part of HUD's Home Equity Conversion Mortgage (HECM) Endorsement Report and is based on loan originations. WSFS has topped the list for reverse mortgage lending in Delaware for the past 13 of 14 months.
WSFS says its reverse mortgages have been helping seniors bring a delinquent mortgage current and avoid foreclosure, by allowing the customer to completely pay off their mortgage and eliminating future monthly payments.
A reverse mortgage, also known as a HECM loan, is a popular financial tool for seniors 62 and older. It enables the homeowner to convert some of the equity in their home into tax-free cash, a line of credit, monthly income, or a combination of the three. There are no monthly loan payments and repayment of the reverse mortgage is made when the senior no longer lives in the home and the house is sold. The senior retains the title to their home and can use the cash any way they want, for example, to pay off the current mortgage, fund home repairs, or pay for medical expenses.
Trish Kauker, CSA, VP of WSFS' reverse mortgage division, credits the bank's service-focused reputation and its knowledgeable associates for giving WSFS an edge among local senior customers. ""People know and trust the WSFS name,"" Kauker said. ""When customers meet with one of our reverse mortgage loan officers, they feel a sense of commitment right from the start. We go to their home, meet with the customer and their family members, and educate them on how a reverse mortgage can help them stay in their home.""
Pointing to a touching example of how a WSFS reverse mortgage helped a senior homeowner escape foreclosure, Kauker cited a 75-year old customer who fell victim to a mortgage scam over the holidays, and as a result was left owing $155,000 on a home that he had previously owned free and clear for more than 30 years. Kauker said Freddie Mac, who owned the loan, would not work with the homeowner. With the gentleman facing foreclosure, Kauker said WSFS reached out to many state agencies for help, and in the end, a WSFS reverse mortgage was used to pay off the mortgage and enable this senior to remain in his home.
""It is situations like this that make me so proud to be a part of WSFS Bank,"" Kauker said.
""WSFS Bank"":http://www.wsfsbank.com operates 35 retail banking offices located in Delaware and Pennsylvania, as well as three loan production offices in Dover, Delaware; Blue Bell, Pennsylvania; and Annandale, Virginia. Founded in 1832, WSFS is one of the ten oldest banks in the United States continuously operating under the same name.