Colonial’s Reverse Mortgage Expertise Will Expand Ross’s Menu of Mortgage Products
ROYAL OAK, Mich., July 7, 2010 – Ross Mortgage today announced a merger with Livonia, Mich.-based mortgage lender Colonial Mortgage Corporation. Colonial, which also operates an office in Orlando, Florida, will now be a division of Ross Mortgage. Tim Ross, president of Ross Mortgage Corporation, made the announcement.
Colonial Mortgage Corporation was founded in 1989 as a full service mortgage lender and will continue to operate under the Colonial Mortgage name. The company offers a full range of mortgage products but has developed particular expertise in the area of reverse mortgages. A loan product typically targeting seniors over the age of 62, a reverse mortgage is an arrangement in which a homeowner borrows against the equity in his or her home and receives regular monthly tax-free payments from the lender.
“A reverse mortgage is unique and is a niche product typically offered by only large national lenders or smaller specialty companies,” said Ross. “Ross Mortgage is a regional lender with strong ties to the communities in which we do business and the merger with Colonial Mortgage allows us to fill that gap. Our plan now is to leverage the expertise and resources that the Colonial Mortgage team possesses to become the leading reverse mortgage lender in the markets we serve.”
“As the baby boomer generation continues to age, the demand for reverse mortgages grows proportionately,” said John McParland, founder of Colonial Mortgage Corporation and now vice president of Ross Mortgage and director of the company’s reverse mortgage division. “I look forward to coupling my company’s resources with those of the Ross Mortgage organization to focus on this growing market, using the large base of borrowers that Ross has built over the years as a great starting point.”
Ross Mortgage Corporation is a successful mortgage banking company with a reputation for professionalism, integrity and quality service. Ross Mortgage Corporation provides mortgage banking services to its customers from its Royal Oak, Michigan headquarters and through branch locations in Michigan, Ohio, Kentucky, and Florida.