Texas Mortgage Source: Reverse is the ‘largest underserved market in the business right now’

Husband-and-wife duo Mark Hairston and Shara Parker of Texas Mortgage Source LLC have been originating loans for decades, but a more recent encounter sparked their interest in the reverse mortgage business. In May, Hairston attended the inaugural Reverse Mastermind Summit in Knoxville, Tennessee, where he connected with event leader Loren Riddick of NEXA Lending. “He had fantastic speakers and three days on reverse mortgages. I fell in love with the opportunity and the product, and we’ve been doing quite a few of those lately,” Hairston told attendees at last week’s Association of Independent Mortgage Experts (AIME) Fuse event in Austin. Hairston, who is a Certified Divorce Lending Professional, and Parker, who spent 20 years as a Realtor before transitioning into mortgage lending, offered the audience insights for grassroots growth in reverse mortgages. Hairston said that the nearly $15 trillion in equity held by U.S. senior homeowners makes the reverse channel “the largest underserved market in the business right now.” High-level overview Many of the audience members at the Texas Mortgage Source breakout session had never originated a reverse mortgage before, so Hairston and Park...