Mortgage Coach and ReverseVision have announced plans to integrate services to produce a Reverse Total Cost Analysis (TCA) service for comparing reverse and forward mortgages.
According to the National Reverse Mortgage Lenders Association (NRMLA), consumers aged 62 and above comprise a substantial share of the mortgage market, holding over $10 trillion in home equity. Yet, home equity conversion mortgages (HECM) and private reverse mortgages, specifically designed to meet the unique financial circumstances of seniors, are rarely presented as options, often due to lender unfamiliarity with the programs.
To educate consumers about reverse mortgages and illustrate unique features such as flexible disbursement options, the Reverse TCA is designed to strengthen borrower trust in loan originators while empowering them with a more comprehensive understanding of their financial options.
“For the first time ever, the Reverse TCA is making it possible for tens of thousands of expert forward mortgage advisors to easily, accurately and compliantly compare forward and reverse mortgage options side-by-side,” Mortgage Coach President Joe Puthur said in a release. “The solution strengthens lender relationships with qualified clients by modeling home financing options designed for their stage in life while helping loan officers advise clients on the mortgage solution that is right for them.”
“This new partnership with Mortgage Coach opens doors for forward mortgage lenders to drive new undiscovered loan revenue and profitability by leveraging the surging home equity market via HECM mortgages,” said Stephen Ryczek, president of Constellation Mortgage Solutions. “Lenders can provide an equity loan that provides seniors with a more comfortable retirement without the financial stress of monthly loan repayment.”