There are many ways to help someone obtain a loan by using the equity they already have in their home. As a reverse mortgage specialist, it is your job to help eligible customers navigate the waters and obtain their monthly stipend. However, you have a couple of options as to how you’ll pursue this career venture.
The first way you can become a reverse mortgage specialist is as a broker. You do not have to broker other home loans. You can specialize in just this one type of finance. Unlike a traditional broker, you may not have to meet as many educational requirements. However, you need to check with your local licensing board. Each area has its own set of regulations governing who can be licensed, how long the license is good for, and what requirements they must complete. You may have to complete a training program prior to applying. In addition, many areas require you to participate in on-the-job training at a brokerage house or to work as a loan officer before processing the license application.
Even if you are required to have the traditional broker training in order to be licensed as a reverse mortgage specialist, you still need additional training. This instruction covers the specifics of a reverse mortgage. You need to learn about repayment requirements and eligibility. In order to receive certification you will have to attend seminars or classes. You may be able to complete some of these educational requirements online at your own pace.
If your area does not require you to have a license or certification to work in this field, you still need to complete as much training as you can. These programs are designed to allow you to offer the best, most accurate service possible to your clients. Training gives you up-to-date information about jurisdictional laws. You also gain important insight into how the process works. You use this information to educate your clients.
If you don’t want to be the broker on the deal, you can still become a reverse mortgage specialist by becoming a referral agent instead. In this role, you don’t have to process the applications yourself. Instead, you simply guide customers to the right lender. You don’t need any formal training or licensing to be a referral agent. However, you do need to understand the process, so having some relevant educational experience is beneficial. You also need good written and verbal communication skills in order to make your referrals. You should be charismatic and have a personality that makes people want to work with you. If you have sales experience, this is a benefit.
A reverse mortgage specialist is the person who helps qualified homeowners get the money they need without having to sell their homes. A firm understanding of the process and an enthusiastic personality can go a long way to making this a career you enjoy.