ReverseVision has long been on a mission to elevate reverse mortgage technology to encourage more borrowers and traditional loan officers to consider the product.
Now, the three-time HW Tech100 winner is upping its game with the launch of a new loan comparison product that enables users to weigh a HECM against a HELOC or a first- or second-lien mortgage.
Available within the RV Sales Accelerator, the Comparison Calculator is an interactive tool that generates side-by-side comparisons of how a HECM performs against other home equity loan products throughout the life of the loan.
ReverseVision said it was compelled to design the tool after a National Council of Aging study found that when presented with a blind comparison of a HECM and a HELOC, seniors chose the HECM 58% of the time.
Now, homeowners can review all of their options when considering the best method to access their equity and other resources to support their retirement.
“With seniors holding more than $6 trillion in accumulated home equity in the United States, consumers need to know that they have options to tap into their financial resources – and originators need tools to help them describe the differences in how these options perform over the long term,” said ReverseVision Product Manager Jason Price. “We are proud to introduce a tool that takes the Generational Lending concept and puts to practice helping borrowers as their needs change over time.”
“Additionally, we are pleased to empower mainstream loan officers with access to this technology by releasing it onto our new platform,” continued Price. “Now any company can leverage these tools in their own portal, CRM or point-of-sale solution.”
“The Generational Lending Scenario Builder is exactly what the industry needs to help loan officers reach senior borrowers who would be better served by HECMs than ‘comfortable,’ traditional loan types,” added Wendy Peel, ReverseVision’s vice president of sales and marketing. “Equipped with this tool, originators can visually demonstrate how a HECM can perform against other loan types, thereby empowering borrowers with a more comprehensive understanding of their financial options and strengthening borrower trust in both the HECM product and their loan originator.”