One reverse mortgage leads provider launched a new campaign last week that touts its ability to connect borrowers with lenders that have yet to implement a financial assessment that examines credit history and income.

“Reverse Mortgage Lenders Direct is currently able to match seniors nationwide with reverse mortgage lenders who will not determine the loan based on income/credit scores. This is an advantage to seniors who receive a fixed income and/or don’t have perfect credit, have late payments, or who were denied by other lenders,” said Michael Benhayon, CEO. “We predict many more lenders will have financial underwriting in place next year, so for some seniors now is the time to consider a reverse mortgage loan.”

MetLife implemented a financial assessment of borrowers in November, becoming the first lender to do so publicly. The change comes following guidance released in October by the National Reverse Mortgage Lenders Association that outlines a way for lenders to determine whether borrowers are willing and able to meet their property charges after getting a reverse mortgage.

The leads provider has adapted the language on its website, reversemortgagelendersdirect.com to clarify that there are still reverse mortgage loans that do not have a borrower credit or income requirement.

“We wanted to take advantage of MetLife implementing these changes,” says Chris Stevens, of Reverse Mortgage Lenders Direct. “Some seniors who are needs based would be turned down. We wanted to see if this would get any exposure and let seniors know there is still opportunity to qualify if they don’t have excellent credit, or if they have a bankruptcy [on their record].”

Written by Elizabeth Ecker