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1st Reverse Mortgage

1st Reverse Mortgage

Join us as we talk with Peggy Sage of 1st Reverse Mortgage

Seeking Growth, RMF Creates HECM for Purchase Certification Course

The problem, RMF determined, was the greater number of hangups associated with the more complicated H4P transactions, which O’Neil says he’s seen scuttled at the last minute due to underwriting issues.

“You don’t ever want to blow a purchase deal, especially, and it’s really an area where you need to know what you’re doing,” O’Neil said, adding that the room for error may have turned off originators in the past. “If you don’t know what you’re doing, there are many opportunities along the way to shoot yourself in the foot.”

RMF’s six-module training program seeks to educate originators about those potential opportunities for failure, from marketing issues to precise contract language to the ever-present worries about underwriting. For instance, the program cautions HECM for Purchase originators to ensure that all parties — especially sellers — realize that they may be working on a slightly extended timeframe compared to those associated with private products not backed by the Federal Housing Administration.

One State's Reverse Mortgage Ad Law Has National Impact

Under the Beaver State’s new law , which takes effect on New Year’s Day 2018, HECM advertisers will need to include a bevy of information about the products in all print, radio, and television ads — including a discussion of what happens when the loan comes due, a clear enumeration of origination fees, and a warning that the balance of the loan will grow over time. 

Oregon also specifically barred advertisers from burying these disclosures where prospective buyers can’t find them, requiring print ads to display the text in “a clear and conspicuous” format — such as a contrasting color or in a separate section of the page — and radio and TV spots to present the mandatory points in a “volume and cadence” sufficient enough for “reasonable” people to hear.

The state’s points mirror a 2014 mortgagee letter issued by the Department of Housing and Urban Development, but in substantially more detail: For instance, the letter simply admonishes HECM lenders not to make “any misleading or misrepresentative advertising or marketing materials in connection with the HECM program” — but stops short of providing specific guidelines for physical ads.

My deceased father has a reverse mortgage - the amount owed is less than the value of the property?

I would like to take out a mortgage to repay reverse mortgage. Do I have to take out mortgage for value property or just what's owed on the reverse mortgage? I'm 1 of 3 heirs and we are to divide the assets equally. But the only asset is the house.


You would need to pay off all liens on the property, before you can transfer it into your names. A mortgage is a lien.