has announced the release of the Comparison Calculator within RV Sales Accelerator (RVSA), an interactive tool that allows loan originators to give consumers side-by-side comparisons of how HECMs and their unique features perform against other home equity loan products over the projected life of the loan.
ReverseVision developed its Comparison Calculator in response to a study by the National Council of Aging, which found that when presented with a blind comparison of HECM and Home Equity Line of Credit (HELOC) loans, seniors choose the HECM over the HELOC 58 percent of the time. The Comparison Calculator is the first tool of its kind to offer consumers side-by-side comparisons of HECM lines of credit against other loan types, such as home equity lines of credit (HELOCs) and traditional first- and second-lien mortgages.
“With seniors holding more than $6 trillion in accumulated home equity in the United States, consumers need to know that they have options to tap into their financial resources—and originators need tools to help them describe the differences in how these options perform over the long term,” said ReverseVision Product Manager Jason Price. “We are proud to introduce a tool that takes the Generational Lending concept and puts to practice helping borrowers as their needs change over time.”