Mid America Mortgage will soon be offering Home Equity Conversion Mortgage (HECM) and private reverse mortgage products. However, rather than developing an in-house solution, Mid America Mortgage is partnering with ReverseVision, the two companies announced recently.
“Mid America has always sought opportunities to establish itself in underserved areas of the market, and reverse mortgages are a prime example,” said Mid America Owner and Chief Executive Officer Jeff Bode. “Adding reverse mortgages to our existing product mix allows us to better cater to the unique financial needs of senior borrowers and foster customer retention by offering financial products relevant to borrowers at every stage in life. Given ReverseVision’s reputation in the reverse mortgage space, we knew the firm was the only partner we could trust to power our reverse division.”
A four-time HW Tech100 winner, ReverseVision is a software and technology provider that offers products and services focused exclusively on the home-equity conversion mortgage (HECM) and related reverse mortgage programs. In the past, Mid America has developed solutions in-house, such as its forward LOS. But, according to the company, the lender chose ReverseVision for its “foremost experts on reverse mortgage execution and technology development.” Mid America will be using ReverseVision Exchange (RVX) for its introduction of HECM and private reverse mortgage products.
“ReverseVision is excited to partner with Mid America as it strives to more fully meet the financial and retirement goals of its senior borrowers,” said ReverseVision Vice President of Sales and Marketing Wendy Peel. “Mid America’s entry into the reverse mortgage space provides lenders with an example of how a large, well-established lender can successfully integrate HECM and reverse lines into their existing business model.”
In addition to partnering with ReverseVision, Mid America is appointing HECM lending specialists to guide seniors through the HECM lending process. These new team members will be led by Dan Barksdale, Mid America’s newly appointed director of HECM Lending.
“Having successfully originated HECMs and reverse mortgages for nearly a decade, I’ve witnessed not only the evolution of the reverse mortgage, but also the positive impact it has had on the lives of the seniors that have taken advantage of this product,” Barksdale said.