The reverse mortgage market is expanding beyond traditional government-backed Home Equity Conversion Mortgages (HECM) into proprietary products, according to a Guild Mortgage executive. This shift reflects a broader industry trend as lenders seek to serve a wider range of borrowers.
Jim Cory, a senior executive at Guild, stated that the company's acquisition of Bayview's reverse mortgage unit was not disruptive to its operations. The deal appears to be part of a strategic move to bolster the firm's position in a growing segment of the lending market.