On the heels of a product overhaul and launch of a new, interactive app to help potential borrowers see how a reverse mortgage can help in multiple retirement scenarios, Generation Mortgage has rolled out a new website, nu62.com, focused on the user’s potential reverse mortgage experience.
The site, which goes live to the public on Friday, is the fruition of an ongoing effort toward education about the product and a detailed look at how different reverse mortgage products may be beneficial to different types of borrowers, Generation says.
“There are different strategic approaches [to reverse mortgage use]. This is a one-stop shop for what those options are,” says Generation President and CEO Colin Cushman. “One is income optionality, or making monthly payments toward a loan balance to take advantage of a compounding credit line growth. Second, is a supplemental income approach, which more historically looks at how much you’re drawing out of your portfolio to extend the life of that portfolio.”
Both approaches are detailed through a series of four borrower scenarios that allow a prospective borrower to choose the case that is most alike his or her own, and calculate possible outcomes based on historic data over the past 12 years.
By interacting with the company’s nu62 program, users can also enter their own data to show how they can benefit from each of the scenarios: increasing cash flow, maintaining lifestyle in retirement, protecting a portfolio, or protecting against home value declines.
Generation sees the new site as a benefit to its retail originators as an organic lead generation tool, but is also partnering with its wholesale channel to offer the use of the site—with a specific url for each partner—for their origination benefit as well.
“We’re working on the ability for our partners to utilize the site like we do,” Cushman says. “nu62.com will include personalized urls, which will allow partners to utilize the site and protect the leads through our site. It’s not a Generation-only exercise, it’s also for partners.”
The site launch is also part of a push toward more digital marketing for Generation, which says it anticipates ramping up efforts in the near future online and through social media channels with the same initiatives of education and providing tools to potential borrowers and their family members.
“We are taking complex program and making it understandable,” Cushman says. “We have an outstanding loan product and tool for almost anybody that’s over 62 but it needs to be transparent and understood by the masses. We’re really focused in on trying to produce that.”
Written by Elizabeth Ecker