Inventory
info icon
Single family homes on the market. Updated weekly.Powered by Altos Research
722,032+456
30-yr Fixed Rate30-yr Fixed
info icon
30-Yr. Fixed Conforming. Updated hourly during market hours.
7.00%0.01
MortgageProductsReverse

Nationwide Taps ReverseVision Private Program to Support EquityPower Launch

Reverse mortgage technology platform ReverseVision announced that Nationwide Equities launched its new proprietary reverse mortgage product, “EquityPower,” with the help of ReverseVision private program support. Due to the impacts of the COVID-19 coronavirus pandemic, Nationwide anticipates that a proprietary reverse mortgage line of business will better position them amidst rising levels of unemployment and stock market volatility caused by the current crisis.

“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 in a statement announcing the partnership.

The establishment of EquityPower and the partnership with ReverseVision also help Nationwide to fulfill a company objective, as laid out by Nationwide Equities President Glenn Wallace.

“We have a saying here that no good loan should ever hit the wastebasket,” Wallace said in the announcement. “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.”

The variety of products that Nationwide makes available to its borrowers helps to fit a wide variety of needs that seniors may have, according to ReverseVision VP of Sales and Marketing Wendy Peel.

“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 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.”

ReverseVision first introduced proprietary reverse mortgage support in its platform in fall 2018. After a lender designs a proprietary reverse mortgage product, ReverseVision then enables it and its associated documentation into the platform. Lenders have the ability to change certain settings like program names and lender margins, and with the help of a private product support specialist can perform more complex adjustments to the offering within the platform.

Nationwide Equities launched EquityPower in late February as its own private reverse mortgage product offering, serving as a fixed-rate, lump-sum product that allows borrowers to access greater proceeds than the traditional Home Equity Conversion Mortgage (HECM) allows. Earlier this month, Nationwide announced that it had rolled EquityPower out to all qualified broker partners after a successful February launch on the retail side and with select initial broker partners.

It took ReverseVision approximately six weeks to configure EquityPower within its platform, according to Nationwide. As of February, 2020, Nationwide Equities ranked at number 19 on a list of the top 100 reverse mortgage lenders by wholesale and retail HECM volume, tabulated by Reverse Market Insight.

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular Articles

Latest Articles

Lower mortgage rates attracting more homebuyers 

An often misguided premise I see on social media is that lower mortgage rates are doing nothing for housing demand. That’s ok — very few people are looking at the data without an agenda. However, the point of this tracker is to show you evidence that lower rates have already changed housing data. So, let’s […]

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please