GoodLife Home Loans launches retail reverse mortgage division, says it is actively hiring

An existing reverse mortgage-backed securities issuer and wholesale lender is making a new play for the retail space, according to a new announcement.

GoodLife Home Loans, dba of Bellevue, Wash.-based Traditional Mortgage Acceptance Corporation (TMAC), announced this week that it has launched a new retail reverse mortgage division to add to its existing efforts in the wholesale space.

GoodLife is one of the leading Home Equity Conversion Mortgage (HECM) lenders on the wholesale side, as well as a major issuer of Ginnie Mae HECM-backed Securities (HMBS). The company called the launch of the new division a “significant milestone” as it aims to bring its team of reverse mortgage industry veterans more directly to the retail lending channel.

The division at present consists primarily of four loan officers. Two of them, Linda Weilert and Catalina Gonzalez, had previously served at Open Mortgage’s reverse division prior to its closure in late 2023.

For Weilert, a 17-year reverse mortgage industry veteran, it is still early days for the new division’s operations but she told HousingWire’s Reverse Mortgage Daily (RMD) that the experience so far has been a positive one.

“The corporate leadership has been outstanding,” she said when reached on Friday. “They’re supportive, committed to the retail space and the culture is great. Processing and underwriting is very professional. We’re the first loan originators in the retail space for them, and we’re hoping to make an impact in it. They’ve been very supportive, and I’m honored to be in this next chapter with them.”

The division also consists of LOs Marilyn Brown Ross and Chris Weilert. All told, they collectively possess “over 40 years of industry experience, deep product knowledge and a track record of success serving seniors across the country,” the company said.

Anthony Gaglione, senior marketing manager at TMAC, said that hiring the right people has been a core priority as the company has worked to stand the retail division up.

“We’ve hired the best and brightest, most successful reverse mortgage specialists,” Gaglione said in a prepared statement. “This new retail division is built on a foundation of integrity, trust and leadership, and we are excited to bring our wholesale expertise to consumers through this dynamic team.”

The company’s position as a Ginnie Mae issuer gives it market differentiation, it said, and the retail division will follow the same principles that have guided its wholesale efforts. The division is also seeking to attract new originator talent, Gaglione added.

“We offer the most aggressive compensation package in the industry,” he claimed. “If you’re a reverse mortgage professional closing 10 or more reverse mortgages annually who wants to be part of a high-performance, forward-thinking organization, we want to hear from you.”

GoodLife/TMAC is an active member of the National Reverse Mortgage Lenders Association (NRMLA). Brett Dunn, chief investment and chief operating officer at the company, was elected as the treasurer of the NRMLA board last fall.