The HECM for Purchase is a type of reverse mortgage within the family of FHA’s Home Equity conversion Mortgage. It allows seniors, age 62 or older, to purchase a new principal residence using loan proceeds from the reverse mortgage resulting in no principal or interest payments for as long as the last borrower remains in the home.
Real estate agents will benefit from taking this class by increasing their business by understanding the availability of a product that is available to clients 62 and older, increased referrals and by understanding how this product can increase the average sales price of homes sold. Most importantly, real estate agents will have the comfort and self-satisfaction of knowing they have helped their senior clients improve their lifestyle greater than they dreamed possible. (That is a hint to one factor that will increase referrals).
Below is an outline of our course
Introduction to HECM
Separating Myths from Reality on the Reverse Mortgage
Borrower & Property Eligibility
Understanding the Purchase Transaction
The Ethical & Moral Implications of the Reverse Mortgage
Understanding the Senior Demographic
Ethical and Effective Marketing Strategies for the Senior Demographic
Our education materials have been professionally created and vetted by some of the top industry experts and instructional designers in the industry. The courses are approved for continuing education credit in many states and in many industries. Having taught thousands of professionals, our course sponsors have benefited from increased revenue through the delivery of the courses and through the execution of the course content. Also, opportunities exist for instructors to become certified to deliver some of the best education in the reverse mortgage industry.
Recent legislative changes have shifted the use of reverse mortgages from a loan of last resort to a financial planning tool for the many baby boomers facing retirement. By securing a reverse mortgage to eliminate monthly principal and interest payments or securing a reverse mortgage line of credit, homeowners 62 and older can liquidate a portion of the equity in their home when necessary rather than tapping into their portfolio.
LTC Insurance Agents
According to a recent survey, 60% of the population will need long term healthcare assistance. The number one question asked is, “How will I pay for long term care insurance?” Also, according to 3 in 4 Need More, 77% of Americans age 30 to 65 think they should know more [about long term care]. Using a reverse mortgage as a line of credit or as a lump sum payment will provide your clients the financing for long term care insurance with no out of pocket expenses.
Long-Term Care Providers
Would in-home care services become more affordable to seniors if you were able to eliminate their monthly principal and interest payment? Would securing a low cost line of credit, to pay for their in-home care services, make more sense than depleting their current cash reserves? Find out how to increase the affordability of your services by signing up for, or requesting a webinar or course for you and/or your firm.
Mortgage Loan Officers
Our parent company, Professional Mortgage Alliance (PMA) offers unique opportunities for Mortgage Loan Officers who specialize in reverse mortgages. Learn how you can increase your business through the expansion of your referral base and take advantage of the PMA business model that will get you in front of real estate agents, financial planners and insurance agents as well as have access to some of the top personalized marketing materials in the industry.
Real Estate Agents
With the understanding of the purchase reverse mortgage, you can increase your average purchase price of homes, expand your referral base and dramatically improve the lives of your senior clients. Also, in partnership with our parent company, Professional Mortgage Alliance, you can have free access to marketing materials that can be personalized for your specific needs.