Alabama-based mortgage lender Hometown Lenders announced Thursday that it’s launching a reverse mortgage division, employing ReverseVision’s HECM technology to support its effort.
With more than 80 branches across 38 states, Hometown has already implemented ReverseVision’s RV Exchange loan origination system and ReverseVision Sales to help clients explore the possibility of accessing their home equity through a reverse mortgage.
Hometown’s David Weinstein, who was recently named the lender’s national HECM manager, said he has begun education efforts internally and externally to professional partners like Realtors, financial planners and builders about the loan.
“Adding HECM and reverse mortgage products is part of our lending institution’s larger strategy to provide a fully rounded suite of products for our originators and third-party partners to succeed in helping borrowers achieve their home-ownership and financial goals,” said Weinstein. “And an important part of facilitating a mutually successful lending experience is outfitting our team with leading technology.”
Hometown is the second lender in the last month to launch a HECM division using ReverseVision technology, apparently finding merit in the “generational lending” strategy RV promotes, which involves adopting HECMs as a means to help existing clients through the second phase of their lending life.
A 2017 and 2018 HW Tech00 winner, ReverseVision has been promoting this strategy to traditional mortgage lenders as a means to boost business in the tough climate.
“ReverseVision is proud to support Hometown Lenders as it strives to more fully meet the financial and retirement goals of its senior borrowers with a HECM lending channel,” said ReverseVision Vice President of Sales and Marketing Wendy Peel. “Hometown serves as an example of how a large lender can successfully integrate HECM and reverse lines into their business model.”
