Lisa Moriello, the national retail reverse mortgage sales manager at multichannel lender loanDepot, recently spoke to RMD about how business in 2024 seemed to be off to a promising start.
Diving deeper into the current reverse mortgage business environment, she offered additional perspectives on multiple topics. These include the integration of forward mortgage professionals into the reverse mortgage business, how the Home Equity Conversion Mortgage (HECM) limit for 2024 could end up impacting the industry, and the openness of both clients and referral partners to reverse mortgage conversations.
Forward-reverse integration
Some reverse mortgage industry professionals maintain strong feelings about either bringing more dedicated reverse mortgage professionals into the fold to focus on specialization, or the need to expand the pool of professionals in the space to include adding reverse to an existing forward mortgage professional’s portfolio.
For Moriello, she previously explained why it’s fairly easy for existing clients — including forward mortgage borrowers — already served by the company to be flagged as potential reverse mortgage customers once they reach the age of eligibility. For the HECM program, a company professional could look into their customer relationship management (CRM) software and see when a client could potentially qualify for a reverse mortgage.