Portfolio+ Launches A New Reverse Mortgage Product for Banks and Financial Institutions
Empowering Financial Institutions to Meet the Growing Demand for Reverse Mortgages
TORONTO, April 16, 2024 /CNW/ - Portfolio+ Inc. (Portfolio+), a Canadian provider of financial services systems and technologies, announced today the release of its Portfolio+ reverse mortgage solution — an innovative addition to its comprehensive suite of lending products.
Portfolio+ recognizes the notable growth of reverse mortgages over the past decade supported by an increasing number of seniors looking to leverage home equity as a retirement funding source.
In December of 2022, the reverse mortgage industry was valued at approximately $15 billion, with a compounded annual growth rate (CAGR) of 8% over the previous five years. Analysts project this growth to continue, if not accelerate, with expectations of the market reaching upwards of $20 billion by 2025.
The Portfolio+ reverse mortgage solution was designed to empower lenders to redefine retirement planning for their clients by allowing homeowners aged 55 and older to unlock the tax-free equity in their homes, while also strengthening the portfolio of services they offer.
Key Features of the Portfolio+ reverse mortgage solution include:
- Tailored Business Rules: The platform allows financial institutions to define the distinctive aspects of their reverse mortgage products. They can configure terms and interest rates to meet the individual needs of each client to deliver a personalized solution.
- Customizable Terms and Rates: Clients of financial institutions benefit from tailored solutions that match their unique financial situations. The system allows for the configuration of terms and interest rates, ensuring that each client receives a personalized solution tailored to their individual needs.
- Seamless End-to-End Processing: The platform facilitates the smooth processing of reverse mortgages, covering all stages from origination to funding. Users can expect improved efficiency, fewer errors, and a streamlined experience for both their institution and their clients.
"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 Dianne Cupples, CEO of Portfolio+ Inc.
Financial institutions interested in learning more about the Portfolio+ reverse mortgage solution are encouraged to speak with the team at Portfolio+ here.
Portfolio+ banking systems and technologies connect financial institutions with fintechs and industry partners, offering a trusted platform for revolutionary banking experiences. Its powerful cloud-native core banking system and RESTful API offer a flexible foundation for secure open finance integrations and some of the industry's most innovative Banking-as-a-Service solutions. Designed in Canada, Portfolio+ solutions are thoughtfully developed to support the evolving ecosystem of financial services technology and putting consumers in control of their financial data.
Located in the Greater Toronto Area (GTA), Portfolio+ is used by 5 of the 7* largest financial institutions in Canada, as well as Forbes' best banks.
Portfolio+ Inc. is a part of Volaris Group Inc.
For more information, please visit portfolioplus.com.
*Based on TSE market capitalization figures retrieved in September 2020.
SOURCE Portfolio+ Inc.
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