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3 Hours General
This course will offer an opportunity for you to explore and better understand how to support your senior clients and customers when discussing and examining their mortgage and financing needs. Specifically, you will gain a knowledge of the FHA insured HECM (Reverse Mortgage) for purchase. We will examine the current senior housing market including, the cost of managing housing needs for your aging clients, their changing residential needs, the basic requirements and differences between a home equity conversion mortgage, and standard residential financing products.
We will review and evaluate the eligibility of the property and the borrower, the FHA requirements and guidelines, as well as the Arizona rules and regulations. Learn to distinguish the differences in cost of a reverse mortgage vs. the benefits. Become familiar with the different loan options associated with the reverse mortgage, the four main objections, the advantages and disadvantages of the program and the different ways to harvest the loan proceeds. Cover real time examples for a purchasing a home with a reverse mortgage in comparison to paying cash or doing traditional financing. Become better educated on the recent studies and research conducted by top financial advisors, economists, attorneys and retirement planning professors that prove it is more advantageous to take out a reverse mortgage sooner than later in retirement. Discuss increased monthly cash flow, potential tax deductions and the coordinated strategy to make other assets last longer in retirement.
Outline Topics:
- Intro to the “Home Equity Conversion Mortgage and Borrower qualifications
- Requirements
- HECM For Purchase
- After Closing
- Q&A
