Skip to main content Reverse Mortgage Resurgence Is Possible

Navi Persaud
May 11, 2020
Senior citizen using iPhone.

The reverse mortgage industry has been able to survive and in some instances thrive during the COVID-19 pandemic. A recent report from suggests that another resurgence in reverse mortgage interest could be on the way, especially with market volatility continuing to effect retirement accounts for those close to retirement. 
"NRMLA data shows an uptick in consumers who've taken the initial step and completed the financial counseling needed to proceed with a reverse mortgage," according to the report
Steve Irwin, president of the National Reverse Mortgage Lenders Association (NRMLA) says counseling sessions in the month of March were up 25% compared with the year before.
Irwin believes that as more folks decide to age in place, this number will increase. The report states that since the pandemic hit, nursing homes and assisted-care facilities have become less attractive options for seniors, leading more of them to stay put in their own homes.
"It’s a needs-based transaction. They need to augment their financial stability," Irwin explains, according to the report. "They need to augment whatever retirement funding they have in place, or they need to relieve themselves of the burden of monthly principal and interest payments of a regular mortgage. I think that we will see more and more the use of the reverse mortgage as part of a more comprehensive financial plan in retirement."
Click here to read more about's reverse mortgage predictions.

May 11, 2020
More from
HECM Endorsements Plummet More Than 14 Percent

Home equity conversion mortgage endorsements plummeted 14.3% in August 2021 to 3,679 loans.

Sep 14, 2021
Reverse Mortgages Aren't Expanding Into Broader Mortgage Business

The reverse mortgage sector has remained strong accounting for more than 4,000 loans a month, according to Reverse Mortgage Daily, however, growing the business further has been on the back burner.

Jul 28, 2021
FHA Adds COVID-19 Recovery Options For Forward And Reverse Borrowers

The Federal Housing Administration announced additional COVID-19 recovery options to help both forward and reverse homeowners who are facing hardships as a result of the pandemic.

Jul 26, 2021
RMF Revamps Its Borrower Qualification Process To Increase Efficiency

Reverse Mortgage Funding, LLC (RMF) is taking a new approach to the borrower qualification process for those seeking a reverse mortgage. The process was created to drive efficiency during the approval process and increase reverse mortgage market growth.

Jul 20, 2021
Reverse Mortgage Endorsements Slide By More Than 4 Percent In June

Reverse mortgage endorsements decline by 4.4% to 4,160 loans, increasing the streak of more than 4,000 loans per month, according to Reverse Mortgage Daily.

Jul 06, 2021
Liberty Reverse Mortgage Becomes Full Service Reverse Lender Following RMS Acquisition

Last week Ocwen Financial Services announced the acquisition of Reverse Mortgage Solutions. In a recent interview with Reverse Mortgage Daily, Mike Kent shared how the acquisition will affect the company.

Jun 22, 2021