In 2025, the reverse mortgage industry anticipates significant growth driven by partnerships with the forward mortgage sector and the emergence of proprietary products like the HomeSafe suite. James Mittleman from Finance of America emphasizes the need for a broader market approach to foster customer adoption. He points out that competition in the industry, despite being fierce, ultimately benefits consumers by showcasing a variety of available options. The industry's reduced size since 2007, alongside an influx of new players, presents an opportunity to expand the customer base and increase product inquiries.
As the company remains bullish about the prospects of its HomeSafe suite of proprietary products with particular attention to its closed-end HomeSafe Second, that area of the business is seen as one with a lot of potential.
The adoption and acceptance of this product comes from having a broader market, speaking to our customers and showing them that there are many different options they can look at.
While the competitive landscape across the industry is fierce, that competition ultimately helps customers understand that options are available to them.
With these new folks entering the space, I think it'll actually create more customers to potentially inquire about reverse mortgage products.
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