When you are ready to either talk to an agent about getting a reverse mortgage, or are actually ready to get one, there is a best and safe way to go about it. A new level of certification is now in the process of being made, and you want to be sure that you use one of the certified reverse mortgage agents to arrange your new reverse mortgage loan for you.
There are a number of scams out there that are centered on reverse mortgages. Many people are being ripped off by unscrupulous people who are pretending to be on your side " many of which are not even legal mortgage agents.
In order to combat this crime, one highly creditable agency called the National Reverse Mortgage Lenders Association (NRMLA), has now established a certification process for agents that sell reverse mortgages. This is one good way to ensure that your agent is both knowledgeable and morally credible in the loan process.
The NRMLA took a lot of steps in order to provide a certificate that is worth having to the reverse mortgage lender. For one thing, they consulted with several agencies in order to ensure that the certificate was really of the highest value possible and that the testing procedures were valid and of the highest caliber.
Then the NRMLA consulted with various legal agencies to ensure that the whole process of establishing credentials and giving certificates was the best process possible. Of course, when certificates that demonstrate integrity and knowledge are given, there also must be some way to negate that certificate " if called for at some point in the future. This was established, too.
All reverse mortgage agents that are going to be certified by the NRMLA also have to be highly educated in the reverse mortgage loan process. They do not take newbies and certify them " which is good for you. Instead, they only consider someone who has already sold more than 50 reverse mortgages and has taken at least 12 hours of courses from their own instructors. This helps you to get both experienced and knowledgeable agents who can give you an informed offer.
Another requirement for each agent who is going to be certified is that they also have to be honest and moral in their practices. Before any of these reverse home mortgage agents can be certified, they have to sign an agreement that indicates that their certification can be revoked for unethical practices. Naturally, after having paid good money for the education and the certificate " they are not likely going to want to throw it away. Remaining certified will have greater value for them than taking a risk to lose it.
Now you know what you have to do in order to ensure that you get a good deal. Simply ask your potential reverse mortgage loan agent if they are certified by NRMLA. Remember, too, though, that the certification is new and that it will take some time for agents to get theirs.
A thirteen-year veteran of the mortgage industry, Robert Griffin specializes in reverse mortgages and has helped over 3000 Americans find financial security with a reverse mortgage. The owner of Griffin Financial Mortgage LLC, based in Fort Worth, Texas, his memberships include the National Association of Mortgage Brokers (NAMB), the Mortgage Bankers Association (MBA), the National Reverse Mortgage Lenders Association (NMRLA) and the Better Business Bureau (BBB). Robert Griffin is also co-author of "62 Senior Moments."