What is a CRMP?
To earn the title of Certified Reverse Mortgage Professional, an individual must demonstrate knowledge and competency in the area of reverse mortgage lending, and display a dedication to uphold high standards of ethical and professional behavior.
Candidates must hold a minimum of three years experience in the reverse mortgage business or they must have personally closed 50 or more loans, earned 12 hours of Continuing Education courses, completed NRMLA’s Ethics Course, and passed a rigorous exam and a background check to qualify for the designation. The certification is valid for three years, during which time designees must sit for an additional 8 hours of Continuing Education per year to be re-certified.
Peter Bell, President and CEO of the National Reverse Mortgage Lenders Association says, “We were intent on creating a certification that is rigid enough to earn the confidence of America’s retirees.” He further elaborates, “On behalf of the entire membership, we congratulate these people, all of whom have demonstrated a deep understanding of the product and an eagerness to continually pursue additional education.”
Alpha Mortgage Certified Reverse Mortgage Professional Roster:
Eric Colburn, Cary, NC
Greg Gianoplus, Wilmington, NC
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Potential Benefits of Reverse Mortgages**:
- No monthly payments and no repayment is required until all borrowers are no longer using their property as their primary residence, all parties on the deed pass away, or they fail to pay their property taxes and homeowners insurance.
- Tax free monthly income*
- Payments can be used for whatever the borrower wants, including home renovations, consolidating debt, paying for medical expenses and insurance costs, and traveling and other leisure activities
- Reverse mortgages provide a tool that allows seniors to tap into the equity they have in their homes. There are no income or minimum credit score qualifications. In today’s tightening credit markets, reverse mortgage products may be one of the best solutions available to most retired homeowners.
- Possibly the greatest benefit of all, reverse mortgage programs may help seniorsremain in their homes that they have worked so hard to pay for throughout their lives.
- A reverse mortgage is what we call a non-recourse loan. This means that with a reverse mortgage you are not personally liable. The liability is only to the extent of the value of your home at time of sale, death or vacating the premises as your permanent residence. You are not liable nor are your heirs personally liable; they can either sell the home at time of your death or keep the home and pay off the remaining balance of the reverse mortgage.
*Consult a financial tax professional for details.
**Loan benefits and parameters are subject to change. Consult with a mortgage professional for up-to-date information.
Learn more about how people are using home equity conversion mortgages for purchasing homes:
Please keep in mind that the reverse mortgage industry is constantly changing and some of the information contained on this site may not be current. Please ask a licensed reverse mortgage professional for up-to-date guidelines.