Why One Economist Is Betting on Seniors’ Home Equity

Christopher Mayer’s career has spanned academia, policy, and business leadership. With a Ph.D. in economics and early work at the Federal Reserve Bank of Boston, Mayer went on to teach at both the Wharton School and Columbia University—where he still occasionally lectures. Today, he channels that background into his role as CEO of Longbridge Financial, a leading reverse mortgage lender.

Since joining Longbridge more than a decade ago, Mayer has overseen the company’s growth into one of the industry’s top issuers of FHA-insured Home Equity Conversion Mortgages (HECMs) while also expanding its suite of proprietary products for older homeowners. In 2022, Longbridge merged with real estate investment trust Ellington Financial, strengthening its capital position and market reach.

Seeing the opportunity in home equity

Mayer often emphasizes that while the total value of senior home equity in the U.S. is staggering, the real issue is how little of it is being tapped to support retirement. Nearly one-third of all U.S. homes are owned by people over age 65, a share that continues to rise as baby boomers age and longevity increases.

“The problem isn’t the size of the market,” Mayer has said. “It’s the penetration. The mortgage industry hasn’t done a great job of serving older Americans, and our company is built around solving that challenge responsibly.”

He notes that products don’t always have to be traditional reverse mortgages. The priority, he argues, is offering solutions that help retirees responsibly use their home equity to sustain financial security.

Tackling misconceptions

One of the largest barriers, in Mayer’s view, is perception. Many seniors still carry doubts about reverse mortgages, often rooted in myths about lenders wanting to take ownership of their homes. Education, he stresses, is key.

“When someone who’s 65 comes to a mortgage lender, that loan officer should be able to talk about reverse mortgages just like they would explain a first-time homebuyer program to a younger borrower,” Mayer explained. “The goal is making sure seniors know what tools exist and feel comfortable that they’re being advised responsibly.”

A complex product with curious consumers

Mayer acknowledges that reverse mortgages can be complicated, and borrowers often come with questions rather than outright objections. Curiosity is common, he says, and lenders must be prepared to walk borrowers through the details while building trust.

“No one in this business wants to own someone’s home,” Mayer has said, countering one of the most persistent misconceptions. “What seniors need is handholding and confidence. Our job is to create customers for life.”

The bigger picture

For Mayer, the mission comes down to ensuring that home equity plays a larger role in retirement planning. As more Americans age into homeownership and live longer in retirement, he believes lenders must adapt their offerings to meet that reality.

Longbridge’s approach—rooted in both product innovation and borrower education—illustrates how industry leaders see reverse mortgages and related tools not just as niche solutions, but as essential financial options for an aging population.