The company is continuing to work on new reverse products, Scarpati says. One source of ideas is FAR’s new retail division. As it reaches more borrowers directly, FAR is learning what works and what does not. The company also gathers insights from its wholesale partners, Scarpati says. “What we try to do is build a suite of products to give them a solution to some of the things that they’re facing when selling on the street.” Innovation also is a priority for Longbridge Financial, says Tim Wilkinson, senior vice president and head of capital markets for the company, based in Mahwah, NJ. The company’s proprietary product, Longbridge Platinum, is tailored for jumbo loans. “There will definitely be some changes, some product offerings that are, on the margin, beneficial,” Wilkinson says. But for the most part, reverse borrowers remain interested in either a lump-sum payout or a line of credit. The two options will remain the “bread and butter” of the industry, Wilkinson says. Sitting on a ‘Gold Mine’ Industry executives see education as a key tool in building the largely untapped market for proprietary reverse mortgages. Lenders are continuing to focus on financial planners, real estate agents and other professionals who can play a role in recommending reverse loans to clients. Those efforts are starting to make an impact, says Ziegler. “It’s where we’re seeing a big change in our Proprietary Reverse Mortgages continued on page 20 “The younger generation is more familiar and more willing to treat that as an investment and get the cash that they need to thrive in retirement.” —Jonathan Scarpati, vice president of wholesale for FAR REVERSE MORTGAGE / MARCH-APRIL 2024 19
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