Skip to main content

Why The Reverse Mortgage Sector Needs To Further Embrace Technology

May 18, 2020
Older woman using laptop. Credit: iStock.com/nortonrsx
Director of Events

The reverse mortgage industry faced an interesting challenge during the COVID-19 pandemic. The business moved from in-person meetings with clients and potential reverse mortgage borrowers to online meeting solutions. In addition, signings and closings were no longer done in person. Chris Clow, in a Reverse Mortgage Daily op-ed, explains why the reverse mortgage business needs to further embrace technology.
 
Clow believes that industries like reverse mortgages are often slow to adapt to new technologies and when the COVID-19 pandemic goes away, it will still be necessary to embrace technology. Originally, seniors, a vulnerable demographic. were protected from having to utilize technology out of the fear that they may fall for predatory lenders and scammers. Measures were put into place to shield them from being taken advantage of.
 
"The issue that gets presented, though, is that as later generations begin to age up into the senior demographic, the understanding–and indeed, the incorporation–of technology into their lives will only become more pronounced. By 2043, when the oldest millennials will first qualify for reverse mortgages, it’s likely that they will both insist and demand that processes related to the transaction that they seek will be further automated, or at the very least be accomplished from their phones or tablets," wrote Clow. "This unique moment in history only emphasizes that businesses at-large–and the reverse mortgage industry, specifically–should be making greater strides to accomplish more in the technological arena. There has certainly been progress, but there’s a long way to go."
 
Read the full-op-ed.

 
About the author
Director of Events
Navi Persaud is Director of Events at NMP.
Published
May 18, 2020
More from
Reverse
Rising Rates Reduce Reverse Mortgage Payouts

High rates also reduce how much one can borrow against their home equity, AARP reports.

CFPB Issues Warnings On Reverse Mortgage Marketing

Says it is working with state regulators to ensure fairness in advertising and teach consumers where to go for help.

Aug 15, 2023
Movement Mortgage Expands Into Reverse Mortgage

South Carolina mortgage company hires industry vet to run the operation

Aug 02, 2023
PHH Mortgage Signs Subservicing Deal With Finance of America Reverse

PHH, a subsidiary of Ocwen Financial, says deal offers opportunity to grow its reverse subservicing portfolio.

May 05, 2023
Judge Approves Liquidation Plan For RMIT

Decision OK'd after one-day delay for reverse mortgage lender to provide additional funding information.

May 01, 2023
MISMO Recruiting For New Reverse Mortgage Group

The development work group will analyze and develop standards for reverse mortgages.

Apr 28, 2023