Skip to main content

Reverse Mortgage Industry Sees Positivity During COVID-19

Navi Persaud
May 19, 2020
Older gentleman using iPad with headphones. Credit: iStock.com/Geber86

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.

 
Published
May 19, 2020
More from
Reverse
HECM Endorsements Plummet More Than 14 Percent

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

Reverse
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.

Reverse
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.

FHA
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.

Reverse
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.

Reverse
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.

Reverse
Jun 22, 2021