One of the most evident trends in financial services is the growing demand for reverse mortgages.
HomEquity Bank confirmed that trend (again) by posting a 42% year-over-year surge in Q4 reverse mortgage volume.
Greg Bandler, Senior Vice President, Sales & Marketing, adds that mortgage brokers had a big hand in these results. He tells us that fourth-quarter volume from HomEquity Bank’s broker channel rocketed 56%.
CHIP’s Free Closing Costs campaign was also key. It saved seniors $1,495 in set-up costs, which is no small sum to someone on a modest income. That promo ended December 31 but HomEquity is still waiving setup costs on 5-year terms (which come with a rate of 5.95% currently).
“We’ve seen momentum building all year and these results represent a confluence of consumer motivation, fee promotion, as well as continued low interest levels,” Bandler said.
Rob McLister, CMT