After previously launching a private-label product under the name EquityIQ, the 2025 version enters a competitive market of proprietary products. Despite this, Kent remains confident in the value proposition of EquityIQ.
The brand returns
When asked if the new EquityIQ is similar to the previous version, Kent noted some key differences but emphasized the strength of the brand name.
“We have a strong following for the brand name,” he explained. “Building on that existing reputation is valuable to us.”
The updated EquityIQ focuses on more open and flexible guidelines, with a specific emphasis on condominiums and a fresh approach to financial assessment, according to Kent.
” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2024/01/Mike-Kent-head-shot-1.jpg?w=243″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2024/01/Mike-Kent-head-shot-1.jpg?w=828″ alt=”Mike Kent, SVP of reverse asset management and industry relations at PHH/Liberty Reverse Mortgage.” class=”wp-image-434974″ style=”width:200px” srcset=”https://www.housingwire.com/wp-content/uploads/2024/01/Mike-Kent-head-shot-1.jpg 828w, https://www.housingwire.com/wp-content/uploads/2024/01/Mike-Kent-head-shot-1.jpg?resize=121,150 121w, https://www.housingwire.com/wp-content/uploads/2024/01/Mike-Kent-head-shot-1.jpg?resize=243,300 243w, https://www.housingwire.com/wp-content/uploads/2024/01/Mike-Kent-head-shot-1.jpg?resize=768,950 768w” sizes=”(max-width: 828px) 100vw, 828px”>
Unlike Home Equity Conversion Mortgages (HECMs), proprietary reverse mortgages are not bound by Federal Housing Administration (FHA) regulations, providing more flexibility, Kent explained.
Regarding the 2025 EquityIQ, Kent described it as a new product design that remains a fully funded fixed-rate loan.
Proprietary reverse mortgage plans
Onity Group leadership has acknowledged Liberty’s positive impact on company profitability, making the reintroduction of EquityIQ a strategic move for the reverse mortgage arm.
According to Kent, Liberty’s end-to-end approach sets it apart, allowing for deeper engagement with customers and professional partners throughout the loan lifecycle.
Offering both HECM and proprietary loans enables Liberty to cater to a wider range of customers and maintain long-term relationships with them.
A more crowded field
Despite increased competition in the proprietary reverse mortgage market, Kent believes Liberty’s commitment to service will differentiate EquityIQ.
Expanding into forward origination and servicing portfolios will enhance Liberty’s reach and provide more options to customers, Kent added.
Embracing the competitive landscape, Kent sees the growing number of players in the space as a positive development.