WILMINGTON, DE -- WSFS Financial Corporation (NASDAQ:WSFS), the parent company of WSFS Bank, today announced that is has been ranked as the #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 data is published monthly in the Home Equity Conversion Mortgage (HECM) Endorsement Report, and is based on loan originators.
WSFS has been the leader in Reverse Mortgage lending in the state of Delaware for the past 13 of 14 months.
Ms. Trish Kauker, CSA, VP, WSFS Reverse Mortgage Division, credits the Bank's service-focused reputation and its knowledgeable Associates for giving WSFS an edge locally. "People know and trust the WSFS name. When customers meet with one of our Reverse Mortgage Loan Officers, they feel a sense of commitment right from the start," said Ms. Kauker. "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."
A reverse mortgage, also known as a HECM loan, is a popular financial tool for seniors 62 and older. A reverse mortgage 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 for medical expenses, fund home repairs or even take a vacation.
WSFS Reverse Mortgages have also been helping seniors who were in default on their current mortgage or facing foreclosure. The funds from the reverse mortgage pays off their current mortgage and eliminates any monthly mortgage payments.
"Over the holidays, a 75-year old customer was scammed and subsequently owed $155,000 on his home that he had previously owned free and clear for more than 30 years. Freddie Mac who owned the loan would not work with the homeowner. Facing foreclosure, WSFS reached out to many state agencies to seek help. In the end, a WSFS Reverse Mortgage was used to pay off his mortgage and enabled this senior to remain in his home. It is situations like this that make me so proud to be a part of WSFS Bank," continued Kauker.
About WSFS Financial Corporation
WSFS Financial Corporation is a $3.4 billion financial services company. Its primary subsidiary, Wilmington Savings Fund Society, FSB (WSFS Bank), 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. WSFS Bank provides comprehensive financial services including personal trust and wealth management. Other subsidiaries include WSFS Investment Group, Inc., Montchanin Capital Management, Inc. and 1st Reverse Financial Services, LLC. Founded in 1832, WSFS is one of the ten oldest banks in the United States continuously operating under the same name. For more information, please visit the Bank's website at www.wsfsbank.com.
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Source: WSFS Financial Corporation
CONTACT: Stephanie A. Heist of WSFS Financial Corporation,
+1-302-571-5259, sheist@wsfsbank.com
Web Site: http://www.wsfsbank.com/
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