A Home Equity Conversion
Mortgage (HECM) is a federally insured reverse mortgage.
Over ninety percent of all reverse mortgages are HECMs.
The Federal Housing Administration (FHA) sets limits on
how much a HECM reverse mortgage lender may lend you. Those limits are
based on your age, your home’s value, mortgage balance (if any) and
what your total loan costs will be. For home values
under $400,000, HECM products generally provide the
larger loan advances than other reverse mortgages.
Are there any
other Reverse Mortgage Loan Products?
There are proprietary
products offered by lenders designed especially for
seniors with substantial home equity or
higher-valued homes. These loans are normally
referred to as jumbo loan products. These mortgages
have virtually no limit on home value or the amount
of the loan. As a result, the amount of money
available to the homeowner may be substantially
greater with the jumbo product.
Can I also originate
traditional mortgages as well as reverse mortgages with your company?
Yes. As well as
reverse mortgages, we have established relationships
with wholesale lenders offering traditional
mortgages, both prime and sub prime lenders.
How am I paid?
Our loan officers are
normally paid on a commission basis. Those loan
officers originating reverse mortgages must be paid
on a W-2 with deductions for state and federal taxes
and social security on reverse mortgages originated.
This is a legal requirement set by HUD for all loan
officers originating reverse mortgages. Loan
Officers originating traditional mortgages are not
bound by this requirement.
Do I need to
be a licensed mortgage or real estate agent
or broker?
You must comply with
all state requirements for individuals originating
loans within the state(s) you will be originating
loans.
May I
originate mortgages for more than one Company
?
No. You may only
originate loans for our company.
Money Ideas for Mature Adults
Apply for a Postion!
Download an employment application and fax it along with your current resume to 707-648-1944.
