The mortgage industry has been focusing on only half the market

For decades, the mortgage industry has focused on helping consumers buy and refinance homes. It’s where lenders have built their businesses, where technology has evolved and where most originators have spent their careers. But that’s only half the market. Every day, homeowners move into a new phase of homeownership. They build equity, enter retirement, help aging parents, support adult children, renovate their homes or prepare for life’s next chapter. Their financial needs don’t disappear—they evolve. The challenge is that traditional lending doesn’t always evolve with them. “We’ve spent years helping borrowers buy homes,” said Jonathan Scarpati, Chief Production Officer at Finance of America. “The next opportunity is helping them through the second half of homeownership.” When traditional lending reaches its limits One of the biggest misconceptions about older homeowners is that they no longer need financing. In reality, many have accumulated significant home equity while facing increasingly complex financial decisions. Many borrowers in retirement still need access to cash for home improvements, healthcare expenses, debt consolidation, purchasing a new home or helping family memb...