ReverseVision today announced that Nationwide Equities Corporation (Nationwide Equities) has leveraged ReverseVision’s private product support to launch its own private reverse mortgage program, EquityPower.
Nationwide Equities, a top-reverse mortgage lender that also originates forward conventional loans, developed EquityPower to grow their reverse line of business and provide customers with more dynamic options for tapping home equity.
“EquityPower offers senior consumers who have high home values, own a condominium or otherwise don’t fit the HECM mold a means to access their home equity on flexible terms best suited to their stage in life,” said Nationwide Equities CEO Paul Lamparillo.
“We have a saying here that no good loan should ever hit the wastebasket,” added Nationwide Equities President Glenn Wallace. “That’s why we offer so many financial products. We are dedicated to helping qualified consumers find the right solution for their homeownership and financial goals.”
ReverseVision introduced private program support – a combination of enhanced software functionality and professional services – to help lenders bring private reverse mortgage programs to market in the fall of 2018. Once lenders design a private reverse mortgage program, ReverseVision will enable it and associated documents into the ReverseVision platform. Lenders may change certain settings, such as program names and lender margins, and can perform more complex adjustments with the help of a private product support specialist. Nationwide Equities reports that it took ReverseVision approximately six weeks to configure EquityPower within its platform.
“Nationwide Equities recognizes that every senior borrower’s financial aspirations and homeownership needs can’t fit into the HECM, HELOC or conventional forward mortgage buckets,” said ReverseVision Vice President of Sales and Marketing Wendy Peel. “Nationwide has always been market savvy and we commend them for developing solutions for underserved senior homeowners, who collectively hold $7 trillion in home equity.”
EquityPower is a fixed-rate product that enables borrowers with homes valued at up to $10 million dollars to access their home equity beginning at age 60. Other features that differentiate it from a HECM include lower closing costs and no mortgage insurance requirements. Nationwide Equities offers EquityPower through both its retail and wholesale channels.