eClosing

Tech: The Impact of Financial Assessment on Reverse Technology 

The story goes that the very first reverse mortgage was granted in 1961. The loan, intended to help a widow stay in her home, took advantage of the equity she and her husband had amassed over many years. The reverse mortgage product has evolved a great deal over 54 years, but after much experimentation (especially through the 2000s), reverse loans have more or less returned to their original intent of helping aging seniors stay in their homes. With each changing regulation, originating reverse mortgages becomes more like granting a forward mortgage. Originally, lenders relied exclusively on collateral value, which seems