How long is a reverse mortgage counseling certificate good for?
How long is a reverse mortgage counseling certificate good for? This reverse mortgage certificate is valid for 180 days. In almost every state the certificate should be valid after assignation to case numbers for the HECM loans but the loan can close if the certificate has expired.
What disqualifies you from a reverse mortgage?
You must live in your home as your primary residence for the life of the reverse mortgage. Vacation homes or rental properties are not eligible. You must own your home outright or have at least 50% equity in your home to be eligible for a reverse mortgage loan.
How to get the best reverse mortgage?
– Total loan costs, inclusive of fees, can be considerable – The loan must be repaid for heirs to inherit your property – Must own the property outright or have at least 50% equity to qualify – You have to avoid scams – Most loans require mortgage insurance
How do I become a reverse mortgage specialist?
– Download CRMP Candidate Handbook. Describes eligibility requirements, earning continuing education credits, annual recertification and exam preparation. – Frequently Asked Questions. – Code of Ethics. – Exam Blueprint. – Online Courses Approved for CRMP Credits. – Preparing for the CRMP Examination. – Recertification Handbook. – Roster of CRMPs. – Track Your CE Credits.
How to become a reverse mortgage specialist?
– a professional designation as a Certified Reverse Mortgage Specialist – 2.5 continuing education credits, and – specialized marketing support.
Is a reverse mortgage a smart move?
With a reverse mortgage, you are risking the loss of your home. The largest risk of taking a reverse mortgage is losing a home. This is a big danger of taking any type of loan out on the equity of a home. For this reason, a reverse mortgage is almost always a bad idea. Most of the time people take a reverse mortgage in the first place because