"Mazonas has worked in the reverse mortgage industry for 35 years, and in a prior role with Transamerica HomeFirst, he initiated the first housing counseling program in partnership with the San Mateo County Area Office on Aging. According to his LinkedIn account, Mazonas created and managed the first successful jumbo private reverse mortgage company operating in 17 states [and] created the first patented lifetime reverse mortgage products and developed the methods to securitize reverse mortgages as the first longevity valued asset class."
"Under current rules, HUD-certified housing counselors meet with prospective borrowers to review their financial circumstances, explain how a reverse mortgage works and assess whether the product addresses the borrower's needs, Mazonas said. Counselors also explain how a reverse mortgage affects home equity and long-term financial obligations. A certificate of completion is issued only after the counselor determines the loan is appropriate."
NatEquity is a California-based originator, servicer and portfolio manager of lifetime shared appreciation equity access products and presents itself as a national equity access provider for senior homeowners. The company mission is to provide senior homeowners in coastal California access to home equity to relieve financial stress and create excess lifetime income. Peter M. Mazonas has 35 years in the reverse mortgage industry and established the first housing counseling program with the San Mateo County Area Office on Aging. He created and managed a jumbo private reverse mortgage company operating in 17 states, patented lifetime reverse mortgage products and developed securitization methods for reverse mortgages. Federal and several state laws include multiple safeguards for senior homeowners. One key safeguard is mandatory HUD-certified housing counseling, which requires counselors to review financial circumstances, explain how reverse mortgages work, assess product appropriateness, outline effects on home equity and long-term obligations, and issue a completion certificate only after determining the loan is appropriate.
Read at www.housingwire.com
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