As the number of eligible reverse mortgage borrowers increases as a result of an aging baby boomer population, reverse mortgage industry leaders say the sector is bound to expand.
“I think the additional regulations that have been put on the product have made the product more mainstream, and I think that’s going to grow the industry,” Kimberly Smith, senior vice president of wholesale lending for American Advisors Group, tells Mortgage Professional America in a recent article. “I’m hopeful that the interest in the product from the consumer helps drive more mortgage brokers and bankers to offer the product.”
While there are 10 million homeowners in the United States who are eligible for a reverse mortgage, the industry is only tapping 2% of the market.
Smith offers advice for originators looking to enter the reverse mortgage space, including making sure someone in the company gains the necessary expertise and finding the right lending partner.
Read the full article here.
Written by Cassandra Dowell