Reverse Mortgage Specialist Training
State Approved CE Course
Texas and Louisiana 2 hr CE Credit Classes
Mississippi, Alabama, Florida, Georgia, Missouri and Tennessee 3 hr CE Credit Classes
After completion of this course, the licensee will be able to better represent the senior buyer in all real estate transactions. Knowledge of the FHA HECM program will help the licensee explain to the buyer the benefits of the program and how to use the program in a particular buy or sell situation. With 74 million baby boomers retiring the in the next 5 years, many will be using this loan program to purchase their retirement home. Licensees will be able to represent and guide the senior buyers.
Licensees will learn how to interpret a FHA HECM Costs to close estimate to understand how the cost are handled in a closing transaction. Licensees will learn what costs are rolled into the loan and which are not. Licensees will understand the flow of the program from initial contact through closing. They will learn how refinance transactions can create cash out and how purchases are handled. Licensees will learn marketing techniques to reach seniors. Only a few closing cost items can be paid by the seller in a purchase transaction.
All buyers of real estate 62 years or older qualify for the FHA HECM program. This program allows a refinance of existing property that eliminates the house payment and possibly has a cash out amount without re-payment.Many Reverse Mortgage consumers use the cash out to buy additional real estate and have no payment on the new as well as the existing. Real Estate Primary Home Buyers may use the FHA HECM program to buy a home with a down payment and have no monthly house payment. Down payment amounts vary by age and current interest rates. This course will benefit all consumers 62 and above of their options for refinancing or buying real estate.
Through an agreement with the Workforce Housing Alliance.US, Inc, a non-profit 501 (c)(3) housing organization, agents completing this course will be certified as a “Reverse Mortgage Specialist” and will be able to use that term in their advertising and marketing.