Strengthening Ties: Reverse Mortgage Experts Connect with Forward Lending Partners

Reverse mortgage experts are increasingly connecting with forward lending partners, enhancing collaboration and awareness at the MBA Annual amidst rising interest in home equity.

In a bid to navigate a challenging interest rate environment, reverse mortgage professionals are increasingly building connections with their peers in the forward lending market.

This trend reflects a growing recognition among forward lenders of the benefits that reverse mortgages can bring to their overall offerings.

Forward Lenders Embracing Reverse Mortgages

Some forward lending companies are taking decisive steps to incorporate reverse mortgage divisions into their operations, while others are seeking to expand existing capabilities in this area.

Additionally, firms dedicated solely to reverse mortgages are working diligently to strengthen their ties within the wider landscape of forward lending.

At the recent Mortgage Bankers Association (MBA) Annual Convention and Expo, numerous experts from the reverse mortgage field gathered to explore and enhance these vital connections.

HousingWire’s Reverse Mortgage Daily (RMD) caught up with various participants to delve into their experiences and insights.

Networking Insights from the Conference

Jim Cory, who leads reverse mortgage initiatives at Guild Mortgage and co-chairs the National Reverse Mortgage Lenders Association (NRMLA), underscored the organization’s commitment to raising awareness about reverse mortgage products in the upcoming year.

He emphasized the importance of industry events as a pivotal component of this outreach strategy.

Cory noted a profound positive shift in how forward mortgage professionals are responding to conversations about reverse mortgages.

Their increased openness and interest mark a stark contrast to prior years.

He attributed this change, in part, to the rise of new, influential players in the forward market—an evolution that has fostered greater acceptance of reverse mortgages.

The MBA Annual’s agenda also reflected this growing interest, highlighting its significance.

During this year’s MBA convention in Denver, the presence of reverse mortgage leaders was notably enhanced.

Cory pointed out that previous events had seen minimal representation from reverse lenders; however, this year featured a prominent reverse lender showcasing its offerings, alongside another company that stepped up as a sponsor.

This suggests a promising trend in visibility and engagement.

Among these participants, Finance of America (FOA) made a significant impact with its exhibit.

Ashley Smith, the company’s senior vice president of brand marketing and strategic communications, noted that conversations surrounding home equity were particularly prevalent, sparking fruitful discussions for FOA representatives.

She observed a palpable increase in interest, especially regarding their proprietary reverse mortgage product, HomeSafe Second, which had previously gone relatively unnoticed.

Cultivating Meaningful Networks

Smith highlighted that HomeSafe Second stands out as the only second-lien reverse mortgage currently available that does not require monthly payments.

This unique feature makes it an attractive option for consumers, as it has the potential to fill existing gaps in available financial products.

Longbridge Financial also made waves at the MBA convention by sponsoring the event.

The firm is focused on strengthening its broker partnerships and regarded the conventions as an excellent platform for connecting with leading forward lenders.

Adrian Prieto, senior vice president of wholesale at Longbridge, expressed his enthusiasm for engaging in discussions that ranged from basic reverse mortgage concepts to exploring servicing opportunities.

Despite the progress made, Prieto acknowledged that reverse mortgage representation at such conferences still had room for improvement.

He cited factors like the competitive nature of securing meetings with key stakeholders as challenges.

Nevertheless, he firmly believes that participating in these events is essential for laying the groundwork for future collaborations.

Echoing this sentiment, Smith remarked that while FOA enjoyed engaging interactions at their booth, the industry still has more work to do to raise its profile among forward lenders.

She stressed the importance of enticing senior executives into strategic dialogues, aiming to weave reverse mortgage products into the growth strategies of diversified lenders on a national scale.

Through these efforts, both reverse mortgage firms and forward lenders can create synergies that benefit both markets, forging a path toward greater collaboration and innovation.

Source: Housingwire