UK based Responsible Equity Release announced it’s preparing to enter the reverse mortgage market in the United States and rolled out a “Drawdown Clock“.
Developed in conjunction with “Statitician to the Stars” William M.Briggs, Professor of Statistics at Cornell University, the clock shows the number of reverse mortgages taken out over the life of the program as well as the estimated dollar amount.
“Our UK success has been as a result of our willingness to give out for free what others charge for,” said Steven Wilkie, Technical Director of Responsible Equity Release. “We answer hundreds of requests a day for our free equity release guide and developed the industry first comparison calculator – a tool which illustrates the potential loan amounts available from different leading providers.”
The short-attention span of the internet user means they don’t want to have to wade through official publications to scope the state of the industry said Wilkie in a company statement. He adds that “With our clock, they can be provided with the information they want, free of charge and at a glance.”
“We are committed to Responsible lending. In our eyes, this means the customer must have access to the information required to make an informed and responsible decision. We will continue to provide free tools to achieve this goal.”
Users have the ability to download the clock and display it on their own website.
Wilkie told RMD in an email that there isn’t a commercial element to the site just yet. The company is “trying to understand the market a bit more and as our content is developed by Americans versed in the reverse mortgage industry, we get to learn a lot whilst hopefully giving some useful tools to the web community.”
