|
HECM
Advisor Program Details
If you’re asking, what’s the
next big thing in the mortgage and financial industry,
without a doubt, its reverse mortgages. After 16 years of
steady growth, reverse mortgage origination is now headed
off the charts. From January of 2000 through the end of
December 2004, there were 83,400 reverse mortgages
originated. Now, with over 43,000 reverse mortgages
originated in 2005 and over 76,000 originated in 2006,
regardless of how you market or what products you’re
selling, reverse mortgages are going to come across your
desk. That’s why we want to partner with you. At a time
when conventional mortgages and refinances have
slowed, there’s no better time to be a part of this rapidly
expanding market that enables Seniors to convert their home
equity into money they can use, with no income
qualifications.
Here’s an opportunity to add a new market and source of
income to your business while improving the quality of life
for Seniors. If you’re not offering Reverse Mortgages to
your senior-aged clients, someone else is and you are
missing out on thousands of commission dollars a year!
The Market
- There are approximately 15 million eligible Senior households in the U.S.
- Seniors own more than $2 trillion in untapped housing wealth
-
Over half the net worth of seniors is currently illiquid in
their homes and other real estate
-
With baby boomers about to reach retirement age, that number will more than double in the next ten years
-
The reverse mortgage market penetration is about 1% of the potential market. With the huge number of baby boomers becoming eligible each year, the untapped potential remains enormous
Eligible defined: 13.2 million (48%) can get a
reverse mortgage loan of $20,000 or more 1.8 million can get a
reverse mortgage loan of less than $20,000 (2005 National Council on Aging Study)
Non-FHA Approved Mortgage Brokers and Lenders Participate in
Reverse Mortgages.
Current lending law now allows Non-FHA Mortgage Brokers and
Lenders to participate in the origination of Reverse
Mortgages with a HUD approved mortgage broker or lender.
Qualifications:
-
Must be in the business
of originating mortgages and may not be FHA approved.
-
Must be licensed to broker mortgage loans in all states in
which you do business, unless the state does not regulate
mortgage lending or unless otherwise exempt from state law.
Benefits To You:
-
Earn up to $1,814 for services you provide to your clients
-
No need for FHA approval (We are an FHA approved Loan Correspondent)
-
No cost to participate
-
MoneyIdeas Reverse Mortgage handles all processing from application to funding
-
MoneyIdeas Reverse Mortgage provides sales training for you and your loan officers
Your Responsibilities:
-
Identify prospective client(s) through your own efforts
-
Advise, educate and determine suitability of the HECM
Reverse Mortgage for client.
-
Have the client read and sign the Applicant Assistance Agreement that acknowledges the services you will provide and that you, the Advisor, will be paid for services provided to the Client.
-
Contact us to proceed with the application process. It is a HUD requirement that only an employee of the Correspondent Lender, MoneyIdeas Reverse Mortgage, actually takes an application for a Reverse Mortgage. One of our Reverse Mortgage Advisors will typically meet with your client and complete the loan application in the client’s home. MoneyIdeas Reverse Mortgage will handle all loan processing. You should maintain regular contact with the client during the loan
processing with respect to questions the client may have.
-
Prior to funding, complete the HECM Advisor Certification
Form clearly showing the services you have performed for your client.
Your Compensation:
Your Advisor Compensation is a maximum of 25% of the total
origination fee charged to your client. The total
origination fee cannot exceed 2% (HUD requirement) of the
lesser of the appraised value or the FHA Lending Limit (not
loan amount) for the county where the property is located.
For Example: A Home Value might be $500,000; but FHA lending
limit in county where property is located and surrounding
Counties is capped at $362,790.
Maximum Origination Fee = $7,256 or 2% of $362,790
Maximum Advisor Fee = $1,814 or 25% of Maximum Origination
Fee
How to Participate:
Click here to view material on how to get started as a HECM Broker Advisor.
|
 |