Generation Mortgage to offer reverse education on HECM for purchase

Generation Mortgage to offer reverse education on HECM for purchase

August 11, 2009

Generation Mortgage Company has created a continuing education class on Home Equity Conversion Mortgage (HECM) for Purchase loans for California realtors. The California Department of Real Estate-approved course, “Reverse Mortgage Opportunities and Consumer Protections for Senior Clients,” is available upon request to California real estate agencies statewide. Attendees can qualify for two credit hours toward continuing education requirements for their California broker licenses.
HECM for purchase loans are a new reverse mortgage product for homebuyers 62 and older who want to apply for a reverse mortgage and use the equity to purchase a primary residence to better fits their needs. There are no credit or income qualifications and it allows borrowers to eliminate monthly mortgage payments. The loans were part of the Housing and Economic Recovery Act of 2008, which enabled the U.S. Department of Housing and Urban Development (HUD) to create the program in January 2009.
“HECM for Purchase is a new, fairly complex reverse mortgage product that realtors in California should make sure they understand,” said Rich Young, executive vice president in Sacramento for Generation Mortgage Company. “Because California is the state with the highest number of reverse mortgages, consumers here are more savvy about them. Since HECM for Purchase loans can be used to buy a home, California realtors need to know the details involved. Also, seniors who would like to purchase a home and wouldn’t normally qualify for a mortgage because of credit issues or fixed income, can potentially do so.”
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