Industry Veteran Robert Sivori Joins Ibis Software Board of Directors



Gerald C. Wagner

Ibis Software Corporation

Phone: (510) 217-8775



Industry Veteran Robert Sivori Joins Ibis Software Board of Directors

Alameda, California: Ibis Software Corporation proudly announces the appointment of Robert Sivori as a Director, effective March 1, 2024.

Bringing a wealth of experience from the reverse mortgage industry, Sivori joins Ibis Software as a Director, poised to contribute significantly to the company’s strategic growth initiatives.


Sivori’s extensive background includes serving as an executive of respected organizations such as Celink, Reverse Mortgage Investment Trust, MetLife Bank, EverBank Reverse Mortgage, and BNY Mortgage Company. He also brings a longstanding directorship with the National Reverse Mortgage Lenders’ Association (NRMLA), further enhancing his expertise in the field. A bio accompanies this release. 


“Joining Ibis Software represents an exciting opportunity to leverage my industry insights and contribute to the company’s ongoing success,” said Robert Sivori, newly appointed Director.


Jerry Wagner, President of Ibis Software, along with the entire team, extends a warm welcome to Bob and expresses eagerness to collaborate closely with him, leveraging his invaluable expertise.


About Ibis Software Corporation:


For over two decades, Ibis Software Corporation has been at the forefront of innovation, introducing the first non-HUD software for calculating and disclosing Home Equity Conversion Mortgages (HECMs), the most popular form of reverse mortgages. Ibis has served esteemed clients such as Wells Fargo Home Mortgage, J.B. Nutter, the Senior Lending Network, and M&T Bank. Presently, Ibis focuses on providing software solutions to HUD-approved HECM loan counselors, alongside offering the National Reverse Mortgage Lenders Association (NRMLA) with its widely acclaimed online reverse mortgage calculator.


HECM eligibility at risk with poor spending

Increasingly Americans find themselves broke and more older homeowners my unwittingly be hurting their future chances of qualifying for a HECM (Home Equity Conversion Mortgage).

As of November, over 60% of Americans were living paycheck to paycheck, with 20% reporting they struggle to pay their monthly bills. According to Amber Carroll, senior vice president of membership and lifecycle strategy at LendingClub. Older Americans who have retired or continue to work are also feeling the squeeze. Consider this- 14% of baby boomers born between 1946 and 1964 have no savings to cushion unexpected expenses, most of which are financed on a credit card.

Credit Card Spending Surges

And speaking of credit cards more Americans are coming up short each month to cover daily expenses but that didn’t slow their holiday spending…

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Recent data from the Federal Reserve reveals a credit-fueled holiday shopping season with revolving credit and credit card debt surging at an annualized rate of 17.7% in November. But now that the holiday shopping hangover has set with consumers receiving their monthly statements and higher minimum payments- an untenable situation is unfolding, especially as most credit cards charge interest rate APRs that now run 25 to 30% or higher.

“If 60% of the economy lives paycheck to paycheck, as we’ve estimated, and a significant percentage of consumers tapped credit to finance their gifting, that means that 1) they’ve taken on even more debt that has been seen with the Fed’s November report and 2) they’re likely to feel a squeeze,” PYMNTS wrote earlier this week.

The Role of Home Equity

Consequently, older homeowners with substantial home equity who find themselves overleveraged with credit could unwittingly be reducing their potential HECM proceeds or jeopardizing their loan approval should a Lifetime Expectancy Set Aside or LESA be required.

Poor Spending Habits Can Disqualify Potential Reverse Mortgage Borrowers

The Financial Assessment is a key element for underwriting Home Equity Conversion Mortgages.  It measures an applicant’s financial capacity and willingness to meet their financial obligations by examining the homeowner’s credit history, payment of property taxes, and residual monthly income after all expenses. Consequently, those who max out their credit cards or other revolving debt with late payments or delinquencies could find themselves required to have a sizeable Lifetime Expectancy Set Aside. This account ensures monies are allocated to pay future property charges such as property taxes and insurance that mitigates the risk of a potential foreclosure. The result is the borrower has fewer loan proceeds, or even worse finds themselves short to close the loan. 

But 2024 could be the year of opportunity for older Americans who find themselves cash-flow-constrained. A growing consensus of economists expects that the Federal Reserve will cut interest rates several times in 2024. And that’s good news as the 10-Year Constant Maturity Treasury rate, which in part determines a HECM’s expected rate, typically leads the trend line for the Fed Funds Rate as shown in this chart. Lower rates and relatively stable home prices will be a prime opportunity for older homeowners to potentially eliminate required mortgage payments, and boost their cash flow by tapping into a portion of their home’s value. 

What say you? Do you believe we’ll see substantially lower interest rates this year? Speak your mind in the comments below. 


Webinar Replay: How to get more leads with webinar marketing

This webinar was sponsored by

How to Create a Default SE Rec Lead List View


You can now create a custom view that is always displayed when you ‘reset’ your SE Recs (records) list view. This is a great way to quickly get back to the data that matters most after making changes.

Sending e-Newsletters in Sales Engine

send-newsletterse-Newsletters are in Sales Engine! 

Great news! The marketing department has created newsletters that you can send to your past borrowers and prospects each month.

The February edition of the Synergy Times is ready to be sent. Just assign the newsletter workflow following the instructions on the video here.

*Note: You must have your Synergy One Lending email account setup to send these newsletters. You can learn how to do this here.

Reverse mortgages could go mainstream if this happens

If Congress enacts these reforms reverse mortgages could go mainstream. Here’s why.

Two U.S. Senators are sponsoring a bill that touches the dreaded third rail of politics. Semafor News reports a bipartisan group led by Senators. Angus King, I-Maine, and Bill Cassidy, R-La. are considering gradually raising the retirement age to about 70 as part of their discussions to overhaul Social Security, Semafor has learned from two people briefed

on their efforts.

If such reforms were to come to pass those who had planned on drawing Social Security benefits at younger ages below 70 may have to look to their home’s value as a source of cash flow. Of course, this is not how anyone would want to see the widespread acceptance of reverse mortgages, but then again, necessity is the mother of innovation, and future retirees may have to get creative to secure a decent retirement.

Increasing the minimum age at which one may begin drawing benefits is not the only proposal on the table. Other options include…

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…revamping the formula that presently calculates monthly benefits based on a worker’s average earnings over 35 years to one that’s calculated on the actual number of years one is actually working and contributing to Social Security.

Both Senators King and Cassidy told Semafor, “there are no cuts for Americans currently receiving benefits in our plan”. What’s not said is just as important. Ultimately any postponement of Social Security eligibility or recasting the benefit formulas means most Americans in the future will receive less money during their lifetime. The Congressional Budget Office reports if Congress fails to enact needed reforms for the fund that Social Security benefits would be reduced by approximately 20% beginning in 2032.

Any future reduction of benefits or increases to the retirement age could create a perfect storm- one that could force millions to look to what is typically their lar

gest asset, their home.

Columnist Joseph Zeballos-Roig observes that any increase of the retirement age is likely a non-starter with Congressional Democrats who are more likely to support a Social Security tax on annual earnings above the current $160,000 cap. Regardless, our nation as a whole, elected officials and citizens alike, have a serious spending problem. And that applies to both parties. Until the federal government’s largesse with taxpayers’ dollars in discretionary spending is diminished, mandatory budget items such as Social Security and Medicare will be targeted for cuts or new sources of revenue. And with entitlements accounting for nearly one-third of U.S. federal spending citizens of all ages will want to stand up and take notice.

In the short term we can expect the usual, for Congress to kick the proverbial can down the road. After all, who wants to lose their seat for backing such reforms? Let the next guy or gal do it. However, at some point, Social Security benefits will have to either be reduced or postponed, neither of which is painless. When reforms eventually come to pass they likely will serve as a driving force for millions of older Americans to look to their home’s value as a potential stop-gap in their retirement income planning. 

How do you think older Americans would respond if Social Security benefits were cut? Comment below and share your thoughts. 

Additional Reading:
A bipartisan group of Senators is talking about raising the retirement age on Social Security