According to HousingWire, South River Mortgage, a Maryland-based reverse mortgage lender, has promoted Tyler Plack from President to CEO effective immediately. The company's previous CEO, Jim Plack, is retiring from the role but will continue serving on the board of directors.
Tyler Plack has been with South River since its founding in 2017 and has served as President for the past seven years. During his tenure, he played a central role in transforming the company from a reverse mortgage brokerage into a full direct lender. He spearheaded the launch of the company's proprietary reverse mortgage product called HomeForLife and oversaw the company's overall growth and strategic direction.
The company has become a major player in the reverse mortgage space. According to industry data cited by HousingWire, South River ranked fifth nationally for Home Equity Conversion Mortgage endorsements in the twelve months leading up to July, originating over 850 loans during that period. The company currently operates across 39 states.
Technology has been a defining element of Plack's leadership at South River. He developed an internal customer relationship management platform that the company still uses today. Beyond that, he built ReversePilot, a loan origination software platform that South River now offers to other reverse mortgage lenders to help them manage the specialized workflows required by these nontraditional mortgage products.
The company made the strategic transition from broker to direct lender starting in 2022, a shift that Plack has said went more smoothly than anticipated despite the inherent challenges. He has also indicated that South River is exploring opportunities beyond traditional reverse mortgages, including home equity investment products, to better serve the full range of client needs and tap into a larger market opportunity.
What I am seeing locally here in the Bay Area is that reverse mortgage products remain an important tool for older homeowners looking to tap equity, especially as home values have appreciated significantly over decades. The leadership transition at a major national player like South River underscores how the reverse mortgage industry continues to professionalize and evolve, and that matters for my clients who are exploring all their options as they think about their long-term housing strategies.
