Getting Started in 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.

This section provides information on the various business options for delivering reverse mortgages to an investor.

Discover why you should be originating reverse mortgages.

NRMLA is pleased to introduce our new “digital assets” web page on NRMLAOnline.org featuring audio recordings from past NRMLA meetings and the Learn While-U-Lunch program available for purchase and download.

As many of you know, our industry’s standards, practices and ethics will be a key factor in determining the degree of success we will experience as an industry. Now, more than ever, our Code of Ethics is crucial as the industry embarks on tremendous growth with many ramifications not only for our members, but also the seniors being served.

Reverse mortgages have significant federal (and state) income and estate tax implications. This article focuses on only one of the possible federal income tax categories of deductible interest, home mortgage interest.

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

CPA Jim Veale says reverse mortgages have significant federal (and state) income and estate tax implications.

A reverse mortgage enables older homeowners (62+) to convert part of the equity in their homes into tax-free income without having to sell the home, give up title, or take on a new monthly mortgage payment.

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.

In this section, we posted a sample loan package for the FHA Home Equity Conversion Mortgage program

NRMLA President Peter Bell told over 800 attendees at the group’s 2006 annual conference in San Francisco that quality and integrity are essential to the continued growth of the reverse mortgage industry.

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.

While most lenders rely initially on their wholesale sponsor to handle production duties, an increasing number of correspondents who have been in the business for several years, and achieved a level of expertise with reverse mortgages, are exploring options that will allow them to assume greater responsibility and control.

Perhaps the most important aspect of customer service is the first impression a reverse mortgage customer has of you.