BEFORE INTEREST RATES began their upward climb in 2022, proprietary reverse mortgages made up less than five percent of the volume for the reverse lending arm of University Bank. While higher rates have diminished originations overall, proprietary loans now account for about 20 percent of University’s reverse lending business, says Doug Ziegler, national reverse mortgage sales manager for the bank, based in Ann Arbor, MI. With interest rates leveling off and possibly falling later this year, Ziegler expects to see a rebound for the HECM. But he also hopes momentum continues to build for the bank’s proprietary products—the Home Elite and Home Premier loans. Doug Ziegler Proprietary Reverse Mortgages continued on page 18 TURNING A CORNER ON PROPRIETARY REVERSE MORTGAGES Products Remain Solid Option for Some Borrowers By Joel Berg REVERSE MORTGAGE / MARCH-APRIL 2024 17
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