![]() ![]() ![]() So a reverse mortgage doesn't make sense if you expect to move anytime soon, says Dallas financial planner Michael Anderson. Though recent legislation has capped the origination fees at $6,000, by the time you add all the other fees you'll have to pay, the total generally reaches $10,000 to $15,000. In addition to regular closing costs, you'll pay an origination fee of 2% on the first $200,000 of the loan balance and 1% thereafter, plus a mortgage insurance premium of about 2% and a monthly service charge as well. To see how much you might qualify for, use the calculator at /nrmla.Įxpect to pay some pretty hefty fees. Anything you owe on your home is subtracted from that amount, as are the loan fees you'll pay. The formula for determining loan amounts takes into account your age (the older you are, the more you can borrow) and current interest rates, as well as your home's value. But you won't be able to tap your home up to its full price. A provision in the economic stimulus package raised the maximum home value that could be counted for reverse mortgages from $417,000 to $625,500. But in fact, reverse mortgages have some serious drawbacks. And you don't have to pay it back until you move or die, when the proceeds from the house sale typically will be used to close out the loan. A lender gives you what amounts to a cash advance on your home equity - no minimum income or credit score required. The list will grow over time, so come back every couple of weeks.(Money Magazine) - On the face of it, a reverse mortgage sounds like a no-lose deal for older homeowners. NRMLA has developed training videos for CRMPs and CRMP candidates. ![]() Use this tracking sheet to document courses you take throughout the year. The following individuals have earned the designation and are listed on NRMLA’s consumer site,. This document provides helpful guidance on how to prepare for the examination.ĭescribes the requirements for maintaining the designation once you earn it. You may submit these courses on the exam application or for recertification. The following online courses have been approved for CRMP credits. ![]() Online Courses Approved for CRMP Credits.The exam blueprint shows the areas covered in the examination and the percentage of questions pertaining to those areas. Serious violations may result in the revocation of a designee’s CRMP status. This brochure offers helpful advice to CRMP candidates on how to get started in their pursuit of the CRMP designation.Īll CRMPs must follow a Code of Ethics established by the Independent Certification Committee. You can email additional questions to Darryl Hicks, Vice President of Communications at NRMLA, at Download CRMP Candidate Handbookĭescribes eligibility requirements, earning continuing education credits, annual recertification, and exam preparation. If you are interested in learning more, please consult the various documents provided on this page. They want to distinguish themselves from the pack. They make a considerable investment in both time and personal income because they believe in themselves, the customers they serve, and the service or product they offer. They often do so by earning a credential that distinguishes them among the most knowledgeable, the most competent, and the most ethical and professional. In every industry, there are individuals who strive to excel. That is why NRMLA created the Certified Reverse Mortgage Professional (CRMP) designation. Saying it is one thing, proving it is another. One of our goals as an industry trade association is telling consumers with confidence, you can depend on an NRMLA member. Welcome to the Certified Reverse Mortgage Professional (CRMP) web page. ![]()
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