As a member of the National Reverse Mortgage Lenders Association, we would like to let you know about some online educational sessions. NRMLA’s Reverse Mortgage Education Week is dedicated to teaching professionals who work with seniors how reverse mortgage loans work and how a HECM can help meet their clients’ financial needs.
On Monday, April 18, NRMLA senior executives Peter Bell and Steve Irwin will present a 90 minute webinar to provide mortgage professionals with the latest information on recently implemented changes to the FHA insured Home Equity Conversion (HECM) reverse mortgage program. They will explain how these changes ensure the HECM Program is a safe and sustainable solution for the consumer while mitigating risk to the FHA insurance fund. Participants will learn how these changes will impact the business of loan origination.
If you know a mortgage professional who currently originates reverse mortgages, or who is interested in learning more about the reverse space, please encourage them to register for this event on the Mortgage Banker Association’s website: https://www.mba.org/store/events/webinar/recent-developments-in-hecm-and-reverse-mortgage-lending
On Thursday, April 21, NRMLA is partnering with the National Association of Realtors to lead a webcast that explains what a real estate agent can expect when selling a home owned by a reverse mortgage borrower, or the borrower’s estate.
More than a million seniors have taken advantage of the federally insured reverse mortgage program to help them remain in their homes as they age since the program’s inception 25 years ago. For the most part, the listing and sale process for homes with reverse mortgages is the same as for any other residential real estate transaction, but there are some timelines, special requirements and other issues unique to reverse mortgages that Realtors should be familiar with when handling the sale of a home that has one.
To help real estate pros understand these differences, experts from the National Reverse Mortgage Lenders Association (NRMLA) will be on hand in NAR’s Washington studio to walk through a variety
of scenarios involving homes with reverse mortgages that agents may encounter.
- What if it is time to sell the home because the owner is ready to move to an assisted living facility?
- What if the owner has passed away and their children or other heirs need to sell the home?
- What if the owner’s children have power of attorney and are selling the property on behalf of a parent?
What if the owner owes more on the loan than the home is worth?
Speakers will also take questions from viewers.
If you know a real estate professional who is interested in learning more about listing residential properties, please encourage them to register for this event on the National Association of Realtors website: http://www.signupgenius.com/go/30e0c4baeaa22a1fd0-live