Summit launches reverse mortgage group
Summit Mortgage rolled out a reverse mortgage division today as the firm looks to capture more business from the growing number of Greater Boston retirees.
Summit, which was founded in 1996, is a private mortgage banking firm with headquarters in Boston.
Summit cited figures from the National Reverse Mortgage Lenders Association, which showed that Boston experienced a 97 percent jump in the number of federally insured reverse mortgages during the past year; there were 2,263 reverse mortgages in 2006, compared with 1,148 in 2005.
A reverse mortgage "gives our clients financial independence and allows them to remain in their homes as long as they wish without being forced to sell due to rising medical costs or other hardships," Richard S. Fedele, chief executive of Summit Mortgage, said in a statement.
(By Chris Reidy, Globe staff)
