Reverse mortgage technology platform ReverseVision announced that Nationwide Equities launched its new proprietary reverse mortgage product, “EquityPower,” with the help of ReverseVision private program support. Due to the impacts of the COVID-19 coronavirus pandemic, Nationwide anticipates that a proprietary reverse mortgage line of business will better position them amidst rising levels of unemployment and stock market volatility caused by the current crisis.
“EquityPower offers senior consumers who have high home values, own a condominium or otherwise don’t fit the HECM mold a means to access their home equity on flexible terms best suited to their stage in life,” said Nationwide Equities CEO Paul Lamparillo in a statement announcing the partnership.
The establishment of EquityPower and the partnership with ReverseVision also help Nationwide to fulfill a company objective, as laid out by Nationwide Equities President Glenn Wallace.
“We have a saying here that no good loan should ever hit the wastebasket,” Wallace said in the announcement. “That’s why we offer so many financial products. We are dedicated to helping qualified consumers find the right solution for their homeownership and financial goals.”
The variety of products that Nationwide makes available to its borrowers helps to fit a wide variety of needs that seniors may have, according to ReverseVision VP of Sales and Marketing Wendy Peel.
“Nationwide Equities recognizes that every senior borrower’s financial aspirations and homeownership needs can’t fit into the HECM, HELOC or conventional forward mortgage buckets,” said Peel. “Nationwide has always been market savvy and we commend them for developing solutions for underserved senior homeowners, who collectively hold $7 trillion in home equity.”
ReverseVision first introduced proprietary reverse mortgage support in its platform in fall 2018. After a lender designs a proprietary reverse mortgage product, ReverseVision then enables it and its associated documentation into the platform. Lenders have the ability to change certain settings like program names and lender margins, and with the help of a private product support specialist can perform more complex adjustments to the offering within the platform.
Nationwide Equities launched EquityPower in late February as its own private reverse mortgage product offering, serving as a fixed-rate, lump-sum product that allows borrowers to access greater proceeds than the traditional Home Equity Conversion Mortgage (HECM) allows. Earlier this month, Nationwide announced that it had rolled EquityPower out to all qualified broker partners after a successful February launch on the retail side and with select initial broker partners.
It took ReverseVision approximately six weeks to configure EquityPower within its platform, according to Nationwide. As of February, 2020, Nationwide Equities ranked at number 19 on a list of the top 100 reverse mortgage lenders by wholesale and retail HECM volume, tabulated by Reverse Market Insight.