Artificial Intelligence Is Just Starting By Thomas A. Barstow ONLY A FEW short years ago, some discussion about reverse mortgage customers involved how older homeowners don’t understand technologies as commonplace as email. I was skeptical of that assumption when I started writing about reverse mortgages five years ago because I have seen a profound shift toward technology and the Baby Boomer generation’s embrace of it. And if there were any doubts about the future of technology in the reverse mortgage industry, the COVID-19 pandemic removed them, with everyone learning how to use Zoom. And now we are on the cusp of yet another major shift in how we do our work. Artificial intelligence (AI) is still in its infancy. My guess is that five years from now, AI will be as embedded in our daily routines as e-signatures and electronic documents are today. Artificial Intelligence The article Evangelizing for AI (p. 22) offers some sound advice for those who might be skeptical of this emerging technology. Byron Torres, the main source in the article, points out that companies will need to embrace this innovation because of its ability to create efficiency but also because the next generations aren’t afraid of newer technologies. “It’s my mission to ensure that by the time Gen X becomes eligible for reverse mortgages, we will have the best technology available,” says Torres, founder and CEO of Reachality, which focuses on AI solutions for companies. As he and others point out, that generation has now arrived at our marketing crossroads. The Greatest Generation that weathered the Great Depression and World War II might have been the first generation to benefit from reverse mortgages. But their grandchildren are now at the age where reverse mortgages will increasingly be of interest. Depending on the product, a proprietary reverse mortgage might be something that people in their mid-50s today could find appealing. And for those in Generation X who want to wait for the government-backed HECM, 2027 is a mere three years away, according to the article written by M. Diane McCormick. In Reverse 2 REVERSE MORTGAGE / MARCH-APRIL 2024
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