New Reverse Mortgage Mobile App Aims to Streamline Information for Professionals

Searching for the term “reverse mortgage” in your favorite Internet search engine often brings up a multitude of tools that a reverse mortgage professional might be able to use in their business, especially if they are looking for a quick access to loan calculations. Other major lenders also often have their own modeling software and tools for professional use, but the abundance of tools can sometimes come with a sacrifice of time.

Now, one of the reverse mortgage industry’s best-known product educators has taken its own approach to providing reverse mortgage industry players with easy access to relevant information they can use during of their business, and it uses a mobile application (or “app”) to do so. RapidReverse, created in collaboration between Dan Hultquist and Georgia-based developer Apptensity, provides reverse mortgage professionals with detailed information on loans which can be provided to customers or referral partners.

To discuss the new offer, RMD sat down with Hultquist.

The need for the app and why mobile makes sense

Asked about the need for a tool like this in the reverse mortgage industry, Hultquist explained that he had observed many reverse mortgage professionals in different organizations using disparate tools when it would make more sense to offer something more consolidated. Not only is this true for others, but it is also true for himself.

“For several years, I used multiple spreadsheets to model everything from basic reverse mortgage calculations to advanced strategic retirement plans. However, reverse mortgage sales professionals don’t want to spend several minutes entering data into a laptop to find out if a borrower might qualify,” Hultquist told RMD. “They want to see major boundaries and clear major boundaries in seconds. Plus, the reporting feature paints a nice picture for the homeowner, real estate professional, or advisor.”

By addressing this need, the RapidReverse app can function as a reverse mortgage calculator and provides the most relevant information for professionals, borrowers, real estate agents or other referral partners when aiming to determine the value that can be created by engaging with a reverse mortgage. to lend.

Dan Hultquist

“You can capture critical information in less than 10 seconds,” says Hultquist. “If you want more information, click the report button for a 10-year amortization and a detailed explanation of the solution.”

When asked why it makes sense for a tool like this to be integrated into a mobile app, Hultquist describes the prevalence of the smartphone ecosystem as well as major advances in the broader mobile app market as two guiding reasons.

“Mobile apps are now faster, easier to use, and better looking than websites,” Hultquist says of his reasoning. “The use of smartphones and tablets has exploded over the past decade, and iOS and Android apps hold nearly 100% market share. Financial services professionals rely on these devices and apps more than ever, and it does not slow down.

iOS is the mobile operating system used by Apple’s iPhone and iPad devices, while Android is a mobile operating system owned by Google and is widely available on the majority of smart devices that are not manufactured by Apple. According to data from Statista for the first quarter of 2021, Apple’s iPhone has retained its place as the predominant device with a 55% market share in the global smartphone landscape.

In terms of the use of smartphones, these devices have become increasingly important – in some cases even critical – to the operations of any professional, and this is certainly true of any professional offering financial services. This can have a real impact for reverse mortgage professionals looking to grow their referral partner networks in adjacent industries, Hultquist says.

“If we want to maximize our efforts with major vendors, we need a tool designed for the devices they use most frequently,” he explains.

Stand out from other reverse mortgage apps

In terms of how this new offering compares to other mobile apps relevant to reverse mortgages, Hultquist explains that the creation of RapidReverse was to focus on speed and simplicity. It does not require what Hultquist calls “unnecessary personal information”, and the determination of the primary limit of a possible reverse mortgage is based on three factors: the value of the house, the age of the youngest borrower (or eligible non-borrowing spouse) and the expected interest rate.

The Home Equity Conversion Mortgage Proceeds (HECM) is then estimated based on these pieces of information, and a net principal limit can also be calculated when a mortgage repayment is added to the data. There’s another feature that Hultquist says is also unique to this offering.

“The second feature that makes it unique is the ability to display a purchase option instead of a refinance,” he says. “With this feature, you can see the buyer’s expected investment for a HECM for purchase (H4P).”

Asked what the future might hold for this offer, Hultquist said it was essential to keep abreast of any regulatory changes, such as the 2022 loan limit. This was incorporated into the latest version of the application. Personalization is also on the table, he says.

“We plan to build custom versions of the app. This initial release was designed to be lender-neutral,” says Hultquist. In fact, RapidReverse does not collect any borrower or user information. it is simply a tool used to improve education and sales of reverse mortgages, however we are considering offering branded versions of the mobile app with expanded functionality to a limited number of mortgage providers reversed.

Find the app dedicated page on the Hultquist website, Understanding Reverse.

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