How to Become a Reverse Mortgage Broker
Brokers bring borrowers and lenders together and act as a liaison between the buyer, seller and financial institution. Reverse mortgages allows homeowners to borrow money against the value of the home. No repayment of the mortgage is required until the borrower has deceased or the home is sold.
- Difficulty:
- Moderate
Instructions
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1
Conduct an in depth research. Check the state's prerequisites or criteria to confirm if a broker's license or bond is required, before seeking employment as a reverse mortgage broker.
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2
Brokers start out as loan officers and receive on-the-job training to become brokers. The educational requirement will vary, but the general requirements include a high school diploma, GED or equivalent and a college degree. Some companies will use experience in lieu of a college degree. Experience in a sales capacity within the Reverse Mortgage field is required. Good organizational, time management, written and verbal skills are essential.
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3
Become knowledgeable. Disperse and clarify payment information to ensure the borrowers understand the payment options available to them (lump sum, fixed monthly payments, a line of credit or a combination).
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4
Pass an extensive background check as a prerequisite of employment as a mortgage broker. Criminal and arrest histories will be required on the employment application.
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1
Tips & Warnings
Use these guidelines as a reference tool only. Each state has its own specific requirements and qualifications for a mortgage broker.
