Adapting: Part 1 continued from page 19 “We believe that we’ll look back on this year and say that while it wasn’t the best year the industry’s ever had, it was an outstanding year to really find our core, return to the basics and go forward with some real momentum,” says Scott Norman, vice president of field retail and industry relations at Finance of America Reverse LLC (FAR). The Potential Several key statistics over the years have helped originators gauge the potential market for reverse mortgages. But those most often cited include the trillions of dollars in untapped home equity and the growing population of Americans over 62. In September, NRMLA estimated that Americans 62 and older held $12.69 trillion in home equity in the second quarter of 2023, down only slightly from a peak of $12.72 trillion in Q2 2022. “There is plenty of equity for seniors to use for a better retirement,” says Chris Mayer, CEO of Longbridge Financial. Many seniors are starting to realize that home equity can be a significant source of retirement funding, adds Norman. “I don’t think there is any question that in the conversations seniors are having with their financial planners and their retirement specialists, they are realizing that we are in a very different retirement world today than we saw even ten years ago,” he says. They also are realizing that home equity represents one of their major assets if not their primary asset. “When we review the conversations we are having with financial planners around the country, we have seen a shift toward utilizing housing wealth,” Norman adds. Boots on the Ground For several players in the reverse market, the focus this year has been engaging and educating forward lenders as a key element of widening the distribution network. “In the forward space, most mortgage lenders are still not presenting reverse mortgages as options to their clients,” Mayer says. But, he adds, “as more forward lenders are looking at entering the reverse business, it’s a great opportunity for those lenders to better serve their borrowers.” To build on the potential, Longbridge has identified wholesale lending as an important part of the Scott Norman AllegiantReverse.com 844.808.8299 Nationwide Full-service title & settlement services in all time zones, backed by the largest underwriters in the country. REVERSE DONE RIGHT E cient A comprehensive and ecient process that ensures accuracy and makes your job easy. Experienced The strength, dedication & accuracy you need to close your reverse mortgage transactions successfully. Your Partner In Success Seasoned, reliable experts with a proven track record and years of successful closings. Customizable Process A dedicated, friendly & trustworthy settlement team matched to the unique needs of your process. 20 REVERSE MORTGAGE / NOVEMBER–DECEMBER 2023
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