THE MARKET HAS been tough on reverse mortgage lenders over the past few months. But despite a downturn triggered by higher interest rates, there are opportunities to continue growing the market, according to industry leaders speaking at a roundtable during NRMLA’s 2022 Annual Meeting & Expo in November. Indeed, in the face of rising costs and a volatile stock market, seniors stand to benefit more than ever from reverse mortgages, says Ed Robinson, president and chief operating officer of American Advisors Group (AAG), which is being bought by Finance of America Companies in a deal expected to close in the first half of this year. The product offers a source of much-needed funds to older people living on fixed incomes but with significant levels of untapped home equity, given the recent run-up in home values. “It is a challenging environment, but it’s a challenge well worth solving because of our customer base,” Robinson says. The challenge for the reverse mortgage industry is to unlock that market. Robinson and other CEOs offered several steps, some that the industry can take on its own and others that would require government action. Taken together, the steps could help generate wider interest among first-time reverse borrowers. What’s Ahead Experts at Roundtable See Promise With Reverse Mortgages This Year By Joel Berg Ed Robinson 24 REVERSE MORTGAGE / JANUARY–FEBRUARY 2023
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