As the latest form of expansion for Nationwide Equities’ EquityPower proprietary reverse mortgage, the Mahwah, N.J.-based lender announced this week it is making the product available via its wholesale channel in New York state.
The company launched EquityPower in February 2020 and has gradually expanded its reach in recent months, including making the product available in New York in May. Now the jumbo reverse mortgage is available both to Nationwide Equities’ retail and wholesale channels.
“We wanted to ensure that we had the staff and the support necessary to meet the anticipated demand from the wholesale market in New York,” says Paul Lamparillo, Nationwide’s CEO.
Nationwide Equities has seen a positive response to the product in general, its executives say, which has encouraged expansion to states such as New York, where many of the company’s employees are based, and where there is a very limited reverse mortgage jumbo product landscape.
“Although it has been difficult to staff up, given the COVID-19 pandemic, we were successful in building a solid support team to service our new potential EquityPower brokers,” says Glenn Wallace, Nationwide’s president. “The response to the EquityPower program has been phenomenal, and since we opened it up to wholesale it has been terrific.”
The EquityPower program offers loan amounts of up to $6 million and is available to borrowers ages 60 and older.
