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+ Inc. releases a reverse mortgage
solution for Canadian alternative lenders and financial
institutions.
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.
Learn More and Get
Started
Financial institutions interested in learning more about the
Portfolio+ reverse mortgage solution are encouraged to speak with
the team at Portfolio+ here.
About Portfolio+ Inc.
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.