New product targets booming market in Canada
Fintech company Portfolio+ has expanded its product offerings with the launch of a new reverse mortgage product, tapping into the growing demand from seniors looking to access the equity in their homes.
The new Portfolio+ reverse mortgage aims to assist lenders in enhancing retirement planning services, enabling homeowners aged 55 and older to access the tax-free equity in their homes without selling.
The offering lets financial institutions tailor aspects of their reverse mortgage product.
“They can configure terms and interest rates to meet the individual needs of each client to deliver a personalized solution,” Portfolio+ said in a media release.
The system also allows clients to adjust terms and interest rates to fit their unique financial situations. It also promises seamless end-to-end processing from origination to funding.
“The platform facilitates the smooth processing of reverse mortgages, covering all stages from origination to funding,” Portfolio+ added. “Users can expect improved efficiency, fewer errors, and a streamlined experience for both their institution and their clients.”
The reverse mortgage industry in Canada was valued at approximately $15 billion as of December 2022, and is projected to reach upwards of $20 billion by 2025, according to the company.
Read more: Reverse mortgage boom could be on the way, report suggests
Over the past five years, the market has seen a compounded annual growth rate (CAGR) of 8%, and analysts expect this growth trajectory to continue, potentially reaching upwards of $20 billion by 2025.
“Portfolio+ is proud to introduce a product that not only addresses the pressing challenges in today’s market but also provides financial institutions with a tool to drive innovation and meet the evolving needs of their clients,” said Portfolio+ CEO Dianne Cupples.
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