New leadership drives reverse mortgage growth at GoodLife Home Loans

"We are working on expanding our wholesale and retail presence, which I think will essentially capture the market share that we're going to need to be at spot one, two or three, so to speak, Kinder said. Expanding retail, expanding wholesale, and just continue to offer good service to partners, good pricing, I think that will lead in itself to capturing more market share as we go on."

"In May, GoodLife launched a retail division led by Linda Weilert and Catalina Gonzalez, who previously served in the reverse division at Open Mortgage. Along with loan officers Marilyn Brown Ross and Chris Weilert, the four collectively possess more than 40 years of reverse-specific experience. While other leading reverse companies have explicit broker protection plans in place, Kinder said that GoodLife hasn't needed one simply because of the size of its retail shop. Our retail team is very small compared to some of the bigger lenders, where they have a massive retail operation could work essentially as a servicing retention department. We don't have that at TMAC, he said."

"[Broker protection] has come up in conversations, but we don't have the capacity to go after existing clients, or maybe somebody whose loan we're servicing, compared to some of the other folks. So it's like we have broker protection without essentially having it or putting it out there publicly."

"Proprietary products have become a hot topic across the reverse mortgage industry in the past year. GoodLife has its own proprietary product under the Meridian brand, with loan sizes up to $4 million. Kinder said the company is seeking to expand these options in the near future due to perceived demand. Prospective borrowers under the age of 62 may want them as an alternative to a HECM, or because rising home prices in certain regions may push their borrowing capacity past the current HECM limit of $1,209,750."

GoodLife is expanding wholesale and retail channels to capture additional reverse mortgage market share through service and competitive pricing. A new retail division includes Linda Weilert, Catalina Gonzalez, Marilyn Brown Ross and Chris Weilert, collectively offering more than 40 years of reverse-specific experience. The company does not maintain an explicit broker protection program because its relatively small retail team lacks the capacity to pursue existing clients, effectively creating informal broker protection. GoodLife offers a proprietary Meridian product up to $4 million and plans to expand proprietary options for borrowers under 62 or those exceeding the HECM limit of $1,209,750.

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