In its ongoing effort to provide safeguards for seniors interested in reverse mortgages, the National Reverse Mortgage Lenders Association announced today that it soon will be offering a Certified Reverse Mortgage Professional-Loan Originator designation. To read the full press releaseTweet
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�Reverse Mortgage Association Adopts Loan Originator Credential�
A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash. The equity that built up over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence or fail to meet the obligations of the mortgage. You can also use a HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing.