Reverse mortgage servicer and tech provider RMS Inc. has launched a self-service website for borrowers. The new site, myRMloan.com, enables customers to review monthly statements, submit an advance request, obtain payoff request and check loan balances.
RMS Chief Information Officer Kevin J. Gherardi described the website as a twofold initiative.
"One is to offer our seniors easy, free access to their reverse mortgage account, whenever they want it,’ he says. ‘The other impetus is to advance an effort to "go green' and reduce the immense paperwork involved in mailing out statements every month."
Gherardi notes that seniors are becoming more computer savvy. Recent studies also indicate that the average reverse mortgage customer no longer is a 72-year-old widow, but rather couples in their 60s and single men – overall, more active adults.
"We also are not asking for any personal financial information, so we've reduced any anxiety that may arise there," he says.