The Future of Reverse Mortgages
Reverse mortgages have a bright future. I know because the government is paying attention, there are more and more reverse mortgage regulations and the media has differentiated reverse mortgages from forward mortgages. In addition, there's merger and acquisition activity with major corporate players putting real money on the table - Guggenheim Partners, MetLife, Manulife are all names we see and hear day to day in the reverse mortgage industry.
For those of us that have been in and around reverses for 10, 15 or more years it's refreshing to be noticed as a discreet industry with a unique and important mission. As time progresses we will see a diversion of our industry completely from the mortgage loan industry. Our product will not be called a reverse mortgage in the next few years; there will be a new more refined and elegant offering. An example of this is Virgin Money's Retirement Mortgage that simplifies the financial arrangement of intra-family lending. I have been privileged to work with Virgin Money over the years to help decant their offerings. A new spin coming to the reverse mortgage industry is multiple party loans - a lender, a servicer, a borrower, a community organization, a family member or two, a private investor, et al.
