Getting Started in Reverse Mortgages

Financial planner John Salter suggests that certain younger homeowners can benefit from reverse mortgages, in direct contradiction to the CFPB’s assertions.

We provide the basic facts that every loan officer should know.

Discover why you should be originating reverse mortgages.

One of the challenges of being a loan officer is making sure a client fully understands how the reverse mortgages works and what the different disclosures discussed at application and closing mean.

The following op-ed written by Peter Bell, President, of the National Reverse Mortgage Lenders Association, based in Washington, D.C. appeared in the August 30 edition of the Providence (RI) Journal.)

With this White Paper, NRMLA demonstrates that there are several critical phases to the reverse mortgage origination process, with full and proper disclosures offered to the applicant during various phases of this process.

Saying no is seldom easy, even if a situation warrants it. In the mortgage sector, that scenario plays out when lenders advise seniors who are banking on reverse mortgages to solve their financial problems that they should pass on a deal or say that it can’t be done at all.

Consider for a moment the following ethical scenarios and how you would respond.

Are you looking to expand your reverse mortgage staff? If so, you should know the qualities and personality traits to look for in a successful reverse mortgage originator.

If your career as a mortgage loan officer has focused primarily on originating conventional or "subprime" mortgages, and you are now transitioning to reverse mortgages, there are several things to consider as you meet with prospective clients.