A Kosher Reverse Mortgage

reverse mortgage news

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The Mortgage Professor Launches New Approach to HECM origination

reverse mortgage newsIn my recent discussions with Jack Guttentag or The Mortgage Professor he mentioned a new product he is developing; the kosher reverse mortgage. For those unfamiliar with the term kosher can mean a product or food is certified as acceptable meeting particular requirements, often religious.  Last week Mr. Guttentag outlined the particulars of the program. First he begins with the need for specific HECM certification of reverse mortgage professionals. I couldn’t agree more. Today those seeking to enter the reverse mortgage space are required to pass the national NMLS and state-specific tests mostly centered on traditional mortgage lending. Typically nationally exams have zero or one or two HECM specific questions. As the HECM is a complex financial product being offered to a protected class who can ill afford a financial misstep, a HECM specific certification would go a long way in protecting the consumer and our industry’s reputation.

Here are a few highlights of the Mortgage Professor’s Kosher Reverse.

1- Loan officers would make efforts to counter the bias toward excess cash withdrawals…

Download a transcript of this episode here.

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Worth fighting for: Friday’s Food for Thought

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We may feel we are on the ropes, but there are some things worth fighting for as reverse mortgage professionals.

Our rights as originators:

  • Fairness in regulation (NMLS renewal)
  • To be included in regulatory discussion
  • To be treated as a professional not a predator by lawmakers

Our responsibilities:

  • To be ethical in all we do
  • To continually improve our knowledge & skill set
  • Participate in industry support, discussions and trade groups
  • To preach the gospel of the reverse mortgage


Many jeopardized by poor credit for NMLS renewals: Industry Leader Update

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NMLS license renewals may get dicey for reverse originators with challenged credit history

If the last few years have taught us anything it’s that mortgage and financial professionals suffered financially with other Americans due to the housing and economic crash. This leaves many qualified reverse originators at risk of not being able to renew their NMLS license Continue reading