In an effort to make understanding a reverse mortgage easier for potential borrowers, Utah-based lender Reverse My Mortgage (RMM) has developed a videoconferencing platform detailing the finer points of the home equity loans.
Because describing the benefits of a reverse mortgage can often times overwhelm a senior when discussed over the phone, according to RMM Owner Mark Schow, interactive video technology could help clear the air of any misgivings.
“When someone is struggling to understand things that are complex in nature such as results from a reverse mortgage calculator, we want to ensure there is no poor communication or misrepresentation,” Schow said in statement.
The accessible technology can allow seniors to quickly and easily interact with a live broker, helping them better weigh the pros and cons of a reverse mortgage, according to Schow.
Beyond all the rules and regulations that must first be understood by reverse borrowers—such as age requirement, and eligibility—videoconferencing can answer questions about how Social Security Benefits or Medicare might interact or conflict with a reverse mortgage.
RMM’s new tool not only answers important questions, such as explaining the results of a Home Equity Conversion Mortgage (HECM) calculator, but also provides a level of direction to borrowers’ interaction with brokers.
“At this level of service, seniors can breathe easy knowing they are talking to an expert from RMM who can competently tell them; right on their computer screen how the HECM loan will impact their life and what they should expect,” said Schow.
RMM also hopes its new technology will provide more options and even allow family members to join the conversation and have their own concerns about reverse mortgages addressed.
Written by Jason Oliva