Local private equity lender Moneyhouse is celebrating its fifth anniversary this month and is marking the milestone by outlining its accomplishments thus far, namely closing on more than $675 million in loans, of which 40 percent — or $275 million — are reverse mortgage cases.
Since its inception, Moneyhouse has specialized in that type of loan, with more than 2,500 originations, company officials said.
Moneyhouse CEO David R. Levis said the focus now and in the future is “to continue focusing on its growth in Puerto Rico by responding to market needs and offering personalized service.”
The company founded in February 2007 by former Doral Bank executives David Rafael Levis and Aidiliza Levis, who initially capitalized the venture with about $1 million. The bank offers mortgage loans, both conforming and non-conforming, as well as commercial loans. Moneyhouse currently ranks fourth among island banks that originate and close Federal Housing Authority loans.
But its strong-suit has become the reverse mortgage market, offering what is known as lifetime mortgages available to seniors aged 62 or older that allows them to draw from their home’s equity, nabbing the 14th ranking among Reverse Mortgage Daily’s classification of U.S.-based banks specializing in offering these types of options.
Moneyhouse has provided free financial advice to about 60,000 people who have sought services at its seven local branches, company officials said.