Reverse Mortgage Specialist Training
A reverse mortgage gives seniors access to their home equity without them incurring any monthly loan payments. Instead, a mortgage company remits monthly equity payments to the senior, who continues to reside in the house. The people who sell these programs specialize in reverse mortgages.
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Identification
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Reverse mortgage specialist training is for mortgage brokers, loan originators, mortgage processors, underwriters, compliance officers and financial planners who want to serve the reverse mortgage market. Financial institutions and organizations offer training both online and in local training facilities.
Features
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During training, candidates learn the nuances of federal and state laws regarding reverse mortgage programs, as well as how to evaluate and explain the programs to seniors, how to speak to seniors and how to take a good application with applicable documentation. In addition, they learn loan specification details such as loan characteristics, borrower eligibility, property eligibility, interest rates, payout plans and other associated details.
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Significance
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According to the National Reverse Mortgage Institute (NRMTI), training is crucial for specialists to have creditability in the eyes of seniors, their families and their legal representatives. For this reason, the NRMTI offers the Certified Reverse Mortgage Consultant certification to reverse mortgage professionals.
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