ReverseVision, a San Diego-based provider of technology and training for the Home Equity Conversion Mortgage (HECM) market, is making a new push to help lenders launch proprietary reverse mortgage products.
ReverseVision stated that participating lenders can submit a completed proprietary products questionnaire to initiate a setup that will be configured within the company’s RV Exchange loan origination system. A support staff that specializes in assisting lenders with proprietary products can perform more complex adjustments and answer customer inquiries related to these new offerings. According to the ReverseVision, proprietary reverse mortgages can help seniors with home values much greater than the HECM maximum claim amount of $679,650, and it can also offer more flexibility on HECMs for condominiums. The company added that proprietary products can open lending to borrowers younger than HECM’s minimum age of 62.
“In the current market, well over nine out of 10 reverse mortgages are HUD-insured HECMs, which leaves a lot of room for growth in proprietary products,” said Wendy Peel, Vice President of Sales and Marketing at ReverseVision. “After several consecutive years of responding to HECM program changes, lenders are eager for an opportunity to stabilize their operations and fill borrower needs not addressed by the HECM program. The double-digit growth we’re currently witnessing in the proprietary products niche of senior lending closely resembles the trajectory of non-QM lending in the traditional mortgage space.”
