Why You Should Work with a Certified Reverse Mortgage Professional
Too often, seniors have become the victims in predatory lending practices and reverse mortgage abuse. Thankfully, today’s reverse mortgage loans come with new guidelines and protections that make them safer for the consumer. But there are still dishonest lenders and salespeople who will take advantage of aging homeowners and pressure them into a reverse mortgage program that doesn’t meet their needs. Anyone interested in obtaining a reverse mortgage loan should look for a lender whose agents have the Certified Reverse Mortgage Professional (CRMP) designation. Here are 4 reasons why.
Dedicates Personal Time & Money to Obtain CRMP Certification
The National Reverse Mortgage Lenders Association created the Certified Reverse Mortgage Professional (CRMP) designation to let consumers know, with confidence, that you can depend on a NRMLA member. Lenders with this designation invest considerably in both time and personal income to obtain the certification so they can provide knowledgeable, competence, and ethical service to their clients. With stringent guidelines and ethical and learning requirements, CRMPs put themselves at a higher standard within the industry.
Knows the Ins & Outs of Reverse Mortgage Loans
A CRMP has extensive knowledge, competence, and a commitment in lending reverse mortgages. To earn the designation, a lender must have a minimum of three years of experience in the reverse mortgage industry, or have closed a minimum of 50 reverse mortgage loans. Continuing education is a major requirement, including 12 hours of courses initially, and an additional eight hours per year to be re-certified. So they know their stuff!
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Asks the Right Questions
A CRMP knows to ask the right questions to help determine if a reverse mortgage is right for you, and if so, which program best meets your needs. They’ll want to know: How you intend to use your reverse mortgage proceeds? Will your spouse be a co-borrower on the loan? How you’ll repay the loan? Do you receive government assistance? How long do you plan to remain in the home? Have you considered other means to supplement your income? Do you fully understand your obligations as a borrower?
Involves Your Family in the Process
Losing a loved one is devastating; and then realizing the debt you’ve inherited after your loss adds to the sorrow and despair. A CRMP will include your family, friends, and financial advisors as part of the conversation and the process. These upfront discussions let everyone understand how a reverse mortgage might impact an estate.
Reverse mortgages are a specialized field in the home mortgage arena. The designation of Certified Reverse Mortgage Professional can give borrowers peace of mind to know they’re working with a committed, ethical, and focused expert in the field.
Learn more about how people are using home equity conversion mortgages for purchasing homes:
Please keep in mind that the reverse mortgage industry in 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.