Like most consumers, Baby Boomers are increasingly turning to the web to do their shopping, and apparently, shopping for a mortgage – or reverse mortgage – is no different.
A survey released this week by Ellie Mae, which polled more than 500 mortgage borrowers from three different generations, revealed that nearly a quarter of Baby Boomers reached out to a lender online.
While the percentage was not quite as high as their Millennial and Generation X counterparts, the report noted that it was higher than in years past.
Ellie Mae’s survey sought to better understand how borrowers use technology in the mortgage process. Most of those surveyed recently obtained a purchase loan (53%), while others refinanced (44%) and the remaining (3%) took out a reverse mortgage.
Of all the borrows surveyed, 92% said they did online research prior to reaching out to lenders, and 71% said they worked with lenders that provided an online portal for document sharing.
The borrowers who were provided an online portal were twice as likely to say technology improved the loan process.
Joe Tyrrell, Ellie Mae’s executive vice president of corporate strategy, added further insight.
“Baby Boomers, like Millennials and Generation X borrowers, are looking for a digital mortgage experience. Our Connecting with Borrowers Online survey showed that…