NAMP Views FHA Reverse Mortgages as Providing Flexibility for Borrowers

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The FHA Reverse Mortgage Program provides homeowners past age 62 to borrow against the equity in their home, without limitations of asset or income, and without required payment for the duration that the home is occupied by the homeowner. The National Association of Mortgage Processors (NAMP) and FHA Online University seek to educate mortgage professionals about how they can arm themselves with the knowledge necessary to extend these opportunities to borrowers, and make the most of today's FHA mortgage market.

The National Association of Mortgage Processors (NAMP) views FHA's Reverse Mortgage Program as means for eligible homeowners to borrow against the equity in their homes. Mortgage professionals who wish to learn more about how they can help borrowers benefit from this program may want to consider FHA Online University's FHA Reverse Mortgage Training webinar. NAMP and FHA Online University have teamed up to help Mortgage Professionals become better versed, more knowledgeable, effective, and efficient, in today's ever changing FHA mortgage market.

The FHA Reverse Mortgage Program extends to homeowners 62 years of age and older who have paid off their mortgages, or who only have a small amount of the remaining balance to pay off. The size of the loan is determined by a combination of factors, including the home value, the interest rate, and the borrower's age - the older the borrower, the larger the percentage of the home's value that can be borrowed. "The most important thing that any lender or broker can do in this ever evolving industry is to stay informed. With millions of baby boomers turning 62 everyday, more and more reverse mortgage inquirers are market savvy. Gone are the days of one reverse mortgage product fits all. Reverse mortgages are as diverse today as are the situations they are designed to fit," says Jenny Rasico, instructor at FHA Online University's Reverse Mortgage course.

The flexibility in payments is also a feature of FHA Reverse mortgage, as homeowners can receive the payments in a number of forms, whether lump sum, monthly for a fixed term, or every so often as a line of credit, and they can also restructure their payment options should the possibility arise for a change.

The FHA Reverse Mortgage Program is unique because it does not require payment for the duration that the homeowner occupies the home. When the home is sold, the lender then recovers their principal plus interest, and the remaining value of the home goes to the homeowner or survivors within the family. Furthermore, if the final sale does not meet what is owed, HUD will pay the lender to compensate for the difference. This coverage is provided through an insurance premium that the FHA collects from all borrowers.

The benefits of an FHA Reverse Mortgage are something that mortgage professionals can be sure they are ready to offer eligible borrowers. NAMP and FHA Online University is pleased to be able to extend their services to mortgage professionals in order to provide the change to learn more about FHA Reverse Mortgage and how to maximize the current mortgage market.

About NAMP:
Based in the heart of Washington D.C., the National Association of Mortgage Processors (NAMP) is known throughout the mortgage processing industry as the voice of today's mortgage processor. NAMP is dedicated to assisting contract loan processors as well as in-house mortgage loan processors, in all aspects of their business. For more information, visit NAMP online at:

About FHA Online University:
FHA Online University offers live, instructor-led online FHA training classes to students nationwide. For more information, visit


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