A reverse mortgage is a safe and easy way for seniors to turn their home’s equity into an additional source of income to meet any financial need. Most financial planners view it as a liquidity tool that unlocks tax free premium dollars. It is a loan that is available to homeowners who are at least 62 years of age and who have a substantial amount of equity in their home. Unlike traditional home equity loans, the reverse mortgage has no income or credit qualifications and no repayment of any kind until the home is sold or the borrower permanently leaves their primary residence. Payment options are in the form of a lump sum, monthly payments, line of credit or a combination of these options. This course will discuss:
- What are reverse mortgages?
- How reverse mortgages work
- Consumer protections and Elder Abuse
- Underwriting guidelines for insuring reverse mortgages
- The ALTA 14.3 endorsement, and guidelines
- The Reverse Mortgage Closing
The course is approved for 1 continuing education credit
Miclael Holden is Vice President Strategic Agency Manager, NORTH AMERICAN TITLE INSURANCE COMPANY (NATIC). Michael has been serving the title industry since 1989. Michael received his Bachelor’s degree from the University of Missouri and has previously owned and operated a large title agency in Missouri. Prior to joining NATIC, he worked for two different regional underwriters as national agency manager. An active member of ALTA, Michael serves on several committees and has previously served on the agents’ section to the board of governors. Michael has been a speaker for several state land title association conventions and helps provide CE classes to title agents in the Midwest. Michael has a wealth of knowledge about the history of the land title industry in the United States and publishes a monthly article titled: “The Ramblings of a Title Man.” In 2007 he was recognized as “Top 40 under 40” by The Title Report™. In 2014, his first book, also titled “The Ramblings of a Title Man” was released. He, or a member of his family, has worked in the title industry continuously since 1920.