CHIP Reverse Mortgage Volumes Not Surprising to Some
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.
President and CEO Steven Ransoncommented: “…The (seniors demographic) wave is here…tremendous market demand is fuelling our strong growth in originations.”
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.