Reverse Mortgage Industry Sees Positivity During COVID-19

May 19, 2020

Older gentleman using iPad with headphones. Credit: iStock.com/Geber86

Director of Events

Reverse mortgages have proven to be one of the resilient products during the COVID-19 pandemic. Those who are in the reverse lending space have witnessed a number of positive signs, even in the face of the outbreak. That has been broken down to "three surprises" in reverse mortgage lending, according to a Reverse Mortgage Daily report.

While the reverse mortgage industry won't come out of the pandemic unscathed, Reverse Mortgage Daily reports positive signs in borrower motivation, technology, and more specifically, younger borrower interest.

"One pleasant surprise," according to Scott Harmes, national manager of C2 Reverse Mortgage in San Diego, is the "increased level of borrower motivation and speed to close some loans," according to the report. "I’ve been doing mortgages for 38 years—and reverses, specifically, for 10 of those years. The decision-making cycle on a reverse mortgage tends to be very slow, but since the pandemic, that cycle has been shortened up significantly. There’s a sense of urgency to get your ducks in a row," Harmes said.

The pandemic has also proven to be a learning experience for folks like Christine Jensen, branch manager at Fairway Independent Mortgage in Arvada, Colo., who said she was pleasantly surprised with her ability to walk her older clients through technological issues.

The report also stated that younger borrowers, many of them in their 60s, are making more inquiries regarding the reverse mortgage product.

Click here to read the full story from Reverse Mortgage Daily.

About the author

Navi Persaud

Director of Events

Navi Persaud is Director of Events at NMP.

Link copied

Published

May 19, 2020

Operations

Rocket Pro Extends Purchase Credit, Names Big Pitch Finalists

Rocket adds same-business-day conditional approvals and a 12-business-day clear-to-close commitment on conventional purchase loans

Rocket Pro is putting speed behind its latest Power Play.The wholesale arm of Rocket Mortgage is extending its 100-basis-point stacked purchase credit through Aug. 3, while adding a new closing-speed commitment aimed at helping brokers compete in a tight purchase market.The ...

Regulation and Compliance

VantageScore Says 4.0 Model Could Unlock $1 Trillion In Mortgage Originations

New study says VantageScore 4.0 scores five million more creditworthy borrowers than FICO Score 10T, expanding lending opportunities as the industry prepares for the GSE credit score transition

Just days after Fannie Mae and Freddie Mac released historical mortgage performance data to help lenders evaluate the industry's next generation of credit scoring models, VantageScore is making the case that its model could dramatically expand the mortgage market.In a white ...

Jul

Chandler, AZ

More from

Reverse

Finance of America Expands Reverse Mortgage Portfolio With $5.2B MSR Acquisition

Acquisition of approximately 20,000 HECM loans from Onity strengthens the company's servicing platform while establishing a three-year subservicing partnership

Reverse

Jul 02, 2026

Reverse Mortgage Borrowers Are Showing Up Too Late

GreenPath data suggests more seniors are arriving later in the financial cycle, limiting flexibility for loan structuring

Reverse

Apr 22, 2026

HECM Volume Rebounds In March But Signals Persisting Reverse Mortgage Slowdown

Endorsements rise month over month, but flat annual volume and growing proprietary competition reshape opportunity for LOs

Reverse

Apr 07, 2026

Finance Of America Launches Second-Lien Reverse Mortgage Amid Rate Lock-In Demand

New HomeSafe second line of credit targets equity-rich homeowners seeking access to cash without refinancing into higher rates or taking on monthly payments

Reverse

Apr 02, 2026

Mortgage Cadence Exec George Morales Joins NRMLA Board

George Morales, National Sales Director at Mortgage Cadence, has been elected to the NRMLA Board of Directors, where he will help guide reverse mortgage industry policy, modernization, and consumer-focused innovation

People On The Move

Dec 05, 2025

MBA Proposes Changes To Stabilize The Reverse Mortgage Market

The Mortgage Bankers Association has urged the FHA and Ginnie Mae to modernize and overhaul the HECM and HMBS programs to expand senior access, cut costs, and restore market liquidity

Reverse

Dec 01, 2025

Popular