The reverse mortgage market is stuck. Broker-lender agreements don't solve a deeper structural problem.

The Big Picture Shain Urwin, national reverse mortgage director at C2 Financial, sees a more balanced relationship emerging between lenders and brokers. Programs from Mutual of Omaha Mortgage and Longbridge Financial protect broker loan pipelines. "This broker-to-lender relationship needs to be a two-way street," Urwin says. But he offers a caveat: "Unfortunately, most of this is for refinances."

The industry cannot rely solely on these loans. It needs to attract new borrowers — particularly affluent clients. C2 completed just 16 HECM refinances last year. About 40% of its business comes from proprietary products.

“"As an industry, we're sabotaging ourselves. Not just the broker world — lenders, all of us."”

Why It Matters C2 is one of the nation's largest brokerages, with **1,115 licensed loan officers**, 111 branches and $4.85 billion in volume over the past year. Its experience reflects broader trends. The market hasn't changed much since October 2017, when HUD made its last major update.

The numbers have gone down almost every year for decades. The industry turns to the same clients, refinancing rather than bringing in new people. Urwin, who sits on NRMLA's board, sees conversations but few concrete changes.

The opportunity lies with more affluent clients. Urwin just closed a loan on a $14 million house free and clear. "That client is affluent," he says. These borrowers differ from traditional needs-based clients.

There are two stereotypes: the needs-based client who has spent their assets and is down to home equity, and the more affluent with net worth of $2 million to $6 million. The latter look at reverse mortgages for tax strategies — to deduct interest strategically by making mortgage payments when they want instead of when they have to.