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Could A Reverse Mortgage Resurgence Be On The Way?

There could be light at the end of the tunnel for reverse mortgage companies and originators. Many reverse companies began diversifying their businesses, training their personnel to be able originate forward mortgages after reverse mortgage volume took its biggest dip since 2005.

Now, there is optimism as a new Reverse Mortgage Daily report revealed that originators are now sensing an upswing in business.

"Despite not having accurate data due to the longest partial government shutdown in American history, reverse mortgage originators across the country noted increased activity in their offices in the forms of product inquiries and active communication lines throughout the year’s first month," according to RMD.

"That increased activity has some originators feeling that there could be a possible turnaround in reverse mortgage volume coming off of the historically-low volume seen in 2018, which saw only 48,359 loans having been endorsed over the fiscal year."

According to the report Brandi Braley, an originator with Neighborhood Mortgage in Bellingham, Wash. believes the reverse mortgage option is increasing in popularity once again due to the lack of options for folks who are running low on funds.

Other originators are feeling pretty good about the reverse mortgage product and its ability to be used as a viable option for folks in need of one.

To learn more about a possible resurgence in the reverse mortgage business, click on the image above.

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