Comparison Calculator offers side-by-side modeling of how HECM, HELOC and traditional mortgages perform over time with equal payments
(SAN DIEGO, Calif.) — NEWS: ReverseVision, the leading provider of technology and training for the Home Equity Conversion Mortgage (HECM) and senior lending industry, today announced the release of the Comparison Calculator within RV Sales Accelerator (RVSA). The Comparison Calculator is an interactive tool that allows loan originators to give consumers side-by-side comparisons of how HECMs and their unique features, such as the adjustable rate HECMs’ line-of-credit that grows over, performs against other home equity loan products over the projected life of the loan.
ReverseVision developed its Comparison Calculator in response to a compelling study by the National Council of Aging, which found that when presented with a blind comparison of HECM and Home Equity Line of Credit (HELOC) loans, seniors choose the HECM over the HELOC 58 percent of the time. The Comparison Calculator is the first tool of its kind to offer consumers side-by-side comparisons of HECM lines of credit against other loan types, such as home equity lines of credit (HELOCs) and traditional first- and second-lien mortgages. This powerful feature gives consumers alternative options to dipping into their retirement, equity and other savings accounts when managing their finances.
“With seniors holding more than six trillion dollars in accumulated home equity in the United States, consumers need to know that they have options to tap into their financial resources – and originators need tools to help them describe the differences in how these options perform over the long term,” said ReverseVision Product Manager Jason Price. “We are proud to introduce a tool that takes the Generational Lending concept and puts to practice helping borrowers as their needs change over time.”
“Additionally, we are pleased to empower mainstream-loan officers with access to this technology by releasing it onto our new platform,” continued Price. “Now any company can leverage these tools in their own portal, CRM or point-of-sale solution.”
“The Generational Lending Scenario Builder is exactly what the industry needs to help loan officers reach senior borrowers who would be better served by HECMs than ‘comfortable,’ traditional loan types,” explained Wendy Peel, vice president of sales and marketing for ReverseVision. “Equipped with this tool, originators can visually demonstrate how a HECM can perform against other loan types, thereby empowering borrowers with a more comprehensive understanding of their financial options and strengthening borrower trust in both the HECM product and their loan originator.”
ReverseVision, Inc. is the leading provider of technology and training for Home Equity Conversion Mortgage (HECM) origination. With nearly 10,000 active users, ReverseVision technology is used by 10 of the top-ten reverse mortgage lenders and supports more HECM transactions than all other systems combined. The company’s comprehensive product suite also includes HECM sales and education tools and a dedicated professional services team. ReverseVision partners with some of the finest and fastest-growing banks, credit unions and lending organizations in the United States to provide its HECM technology to brokers, correspondents, lenders and investors.
A four-time HousingWire TECH100(TM) company, ReverseVision has also been recognized in Deloitte’s Technology Fast 500(TM) listing. The company continues to build on its technology’s pioneering capabilities with frequent enhancements aimed at boosting users’ HECM volume, workflow efficiency and data analysis capabilities.
For more information, visit https://www.reversevision.com.
Twitter: @ReverseVision #reversemortgage #HECM
Related link: https://www.reversevision.com/
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