But growth is out of the company’s control. “As a subcontractor, we are completely under the origination value of our lender customers,” LaRose said. “In general, they all hope that 2026 will produce higher prices than 2025, but what price is unclear.”
LaRose also said structural barriers are limiting the industry’s expansion, and called for targeted development of the HECM program, which he discussed in detail. This interview is edited for length and clarity.
Flávia Furlan Nunes: How do you see the reverse service business emerging in 2026?
Ryan LaRose: While this idea may seem counterintuitive to some, I believe that as the industry evolves and the number of origins increases, the service side of the business should experience growth rather than decline. Just as the industry benefits from having more mortgage products available to start – such as HECMs alongside equity options – it will be healthy to see growth and diversification in the core service offering.
Nunes: We’ve seen significant consolidation throughout the real estate industry. What is driving this trend, especially on the downside and utilities?
LaRose: The main challenge facing reverse mortgage brokers today is valuation. When we started reverse mortgages 20-plus years ago, we acquired a portfolio of approximately 5,000 loans, and were able to operate efficiently with three employees and a basic servicing platform. The requirements surrounding the service environment have changed significantly since then.
Today, we maintain a highly skilled workforce that includes hundreds of professionals with deep expertise in the intricacies and nuances of reverse mortgage servicing. At the same time, we have to support a complex technology platform, which is very complex and expensive. Reverse mortgage lenders also tend to require more hands-on/high-touch support than mortgage lenders, requiring more staff to manage that interaction.
When the costs of borrower-facing technology, legal, compliance, and internal technology and cybersecurity requirements are factored into the equation, the challenges of insufficient industry scale become even more apparent.
After that, we have been working hard to educate businesses outside the shrinking industry about the benefits of the program, as we believe that the solution ultimately comes from increasing the capacity of the sector as a whole. Once that capacity reaches a critical level, meaningful efficiency will begin to emerge for use.
Nunes: How do you see technology creating opportunities for growth or efficiency in this sector?
LaRose: From a service delivery perspective, there are significant opportunities to improve service levels by continuing to invest in technology. Over the past 12 to 24 months, we have implemented a number of enhancements designed to simplify the servicing process for large borrowers.
These improvements include simplifying the credit card application process; providing a central resource to help borrowers identify third-party providers of insurance, home repair and maintenance, and estate planning services; enabling borrowers direct access to payment rates; and providing multiple options for completing the annual residence certificate, including verbal verification and electronic signature.
In parallel, we have used artificial intelligence tools to help streamline office operations and improve efficiency. We are also actively exploring the use of virtual agents to improve access to borrowers and gather valuable information and documents. These virtual agents will help to avoid problems in the development and reduce unnecessary defaults of the borrower.
Nunes: How comfortable are adults with AI tools?
LaRose: An ongoing challenge is balancing technological advances with the needs of large borrowers who may not be comfortable with – or have access to – digital tools. Although we have made significant investments in technology, it is still important to maintain a high-touch service model with call center support for those borrowers who need more traditional assistance.
While we have been surprised by the adoption of technology solutions – such as our borrower portal – by seniors, we must maintain a mixed high-touch, high-tech strategy.
Nunes: Aside from scale, what are some of the challenges for the retreating workforce?
Rose: In my opinion, the most important challenges facing the industry go beyond service delivery and are linked to structural barriers that limit growth. In order to attract new entrants to the reverse mortgage space and the support of the growing number of origins of existing participants, several obstacles must be addressed.
This includes reducing upfront costs for borrowers and providing greater financial stability for issuers of HECM Mortgage-Backed Securities (HMBS), particularly with respect to loans that are subject to repurchase but are not eligible. US Department of Housing and Urban Development (HUD) share. Addressing these issues will have a meaningful and positive impact on the long-term sustainability of the HECM program, while continuing to preserve the financial integrity of the Mutual Mortgage Insurance Fund.
Nunes: What should industry expect from HUD’s request for information? Do you anticipate any service changes coming out of it?
LaRose: Overall, I was encouraged by the overwhelmingly positive feedback supporting the HECM program as an important tool for older adults. Most of the comments focused on issues related to origination, particularly mortgage insurance premium structure, secondary rating requirements, and adjustments to the principal limit factor tables.
A small number of responses to service-related matters, including submissions from Celink; however, it is not yet clear how those comments would translate into program changes. In the meantime, we will continue to promote program development that we believe supports the industry and large borrowers.
Nunes: Are there still lingering impacts from the October government shutdown that they’re dealing with?
LaRose: As many in the industry realize, a small but dedicated team at HUD plays an important role in maintaining the day-to-day operations of the HECM program. During the extended government shutdown, most HUD employees were unable to process certain requests that employees must submit to HUD, causing a temporary backlog.
However, important high-impact activities – such as claims settlement – continued without interruption. Since the shutdown, HUD staff have proven resilient and responsive in returning to normalcy.
Nunes: What is Celink’s strategy for 2026 and beyond?
LaRose: As I said earlier, we remain very focused on supporting the growth of the mortgage industry, and that commitment will continue until 2026.
We took a proactive approach by interviewing dozens of institutions and participating in industry conferences to ask an important question to corporate leaders: Given that the average American retiree has an average of $185,000 in retirement savings, while seniors collectively hold more than $14 billion in home equity, how is it possible to reduce mortgage payments to a significant portion of the loan?
Beyond those advocacy efforts, our strategy remains focused on improving outcomes for our clients and borrowers by continuously investing in process improvement, borrower experience, AI and other advanced technology solutions. Our mission is to empower our customers through exceptional service, allowing seniors to achieve greater stability and independence in retirement.
We estimate that our market share is around 75%. In terms of growth projections, that is not an easy question for us to answer because as our subordinates we are completely subject to the initial volumes of our lender clients. I think in general they all hope that 2026 will produce higher volumes than 2025, but by an unclear amount.
