Reverse Mortgage Solutions released a new website that allows customers to manage their reverse mortgage online on Wednesday.
Borrowers can login to myRmloan.com and perform a variety of tasks including review monthly statements, submit an advance request, obtain a payoff, check loan balances and more.
The new site “empowers borrowers to log into their loan and serve themselves,” according to Kevin J Gherardi, CIO, RMS. “This is a two-fold initiative,” Gherardi points out, “one is to offer our seniors easy, free access to their reverse mortgage account, whenever they want it. The other impetus is to advance an effort to ‘go green’ and reduce the immense paperwork involved in mailing out statements every month.”
Recent reports have shown that seniors are turning to the internet to manage their lives and as reverse mortgage borrowers continue to get younger, the transition online makes sense. “We also are not asking for any personal financial information, so we’ve reduced any anxiety that may arise there,” he says.
Gherardi admits that five years ago, the company would’ve never offered online access because seniors weren’t thought to be interested in such online services. However, as more borrowers started contacting RMS through email, the company said it was a natural step for them to take
According to RMS, about 3500 customers have already requested access to their account online but said an official notice will go out in mailed monthly statements said Marc Helm, president and COO of RMS.
The new borrower website is also available as a “private label” website for customers that use RMS to sub-service their reverse mortgages. The company said it has expanded its technology infrastructure to handle what it expects will be considerable interest in the website from senior customers and their adult children, who often assist in managing parents’ reverse mortgage accounts.