According to HousingWire, HighTechLending is working to expand how it serves older borrowers through its EquitySelect product line, which has recently been enhanced with higher loan-to-value ratios and expanded age limits. The company's vice president of sales, Paul Fiore, explained that EquitySelect is designed as an alternative to traditional reverse mortgages, offering features like payment flexibility and nonrecourse protection to borrowers aged fifty and up who might otherwise choose HELOCs or cash-out refinances.
Fiore emphasized that there's a significant market opportunity many lenders are missing. While more than a million consumers aged fifty-five and older are actively transacting in mortgages, only a small fraction are choosing reverse mortgages. The majority opt instead for HELOCs and cash-out refinances. EquitySelect was built specifically to serve this demographic by offering payment options and features that traditional reverse mortgages don't provide, while also addressing pain points like debt-to-income concerns and future payment shocks that borrowers might face as they approach retirement.
The company has been working to clarify messaging around the product through weekly webinars showing real-world examples of which borrowers benefit most from EquitySelect. Fiore noted that some lenders focusing exclusively on reverse mortgages may only convert a small percentage of eligible borrowers, while those offering a broader product suite can serve more people by presenting multiple options that fit different needs and preferences.
From a technology standpoint, HighTechLending has built a broker portal that helps originators run detailed scenarios, including debt-to-income calculations and compensation options based on chosen payment plans. Brokers can also build submissions through a connection to Encompass. According to Fiore, the company continues exploring ways to make the origination process even more seamless while keeping simplicity and user experience at the forefront.
Fiore encouraged a comprehensive approach to serving mature borrowers, stressing that loan officers shouldn't view EquitySelect as merely a fallback product for reverse mortgage candidates. Instead, originators should understand the full picture of what their clients need, present options with and without payment flexibility, and let borrowers make informed decisions about which product best aligns with their retirement plans and financial goals.
What I am seeing locally here in the Bay Area and East Bay is that our aging population is increasingly sophisticated about their options. Many seniors have significant equity in their homes but want to maintain flexibility as they navigate their later years. Products like EquitySelect that offer payment choices without the traditional payment shock of a HELOC make real sense for this market. I'm hearing from more brokers who want to offer options beyond just a straight reverse mortgage or traditional forward loan, and it sounds like this is exactly what HighTechLending is trying to enable.
