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BROKER ADVISOR PROGRAM
Reverse Mortgages are one of the fastest growing segments of the
mortgage industry. As a Mortgage Professional, you will benefit with
working with one of the industry’s fastest growing and largest
independent reverse mortgage companies. Working with experts at
Reverse Mortgages of California will ensure that you have the most
accurate information about the many reverse mortgage products
available today.
Take this opportunity to create extra revenue and at the same
time, be able to improve the quality of life for seniors.
This program is in compliance with RESPA & HUD.
BENEFITS TO YOU:
· Earn up to $1,813 for services you provide to your clients
· your not required to be FHA approved
· Broker with over 10 Years of Reverse mortgage experience
· TRAINING IS PROVIDED
· Fast Processing Time (30 days or less)
· No cost to participate
YOUR COMPENSATION
Your Advisor Compensation is a maximum of 25% of the
total origination fee charged to your client. The Origination Fee is
calculated by taking 2% of the appraised value of the home but not
to exceed the FHA Lending Limit designated for each county.
(Example)
Home Value = $500,000;
FHA maximum ending limit in Los Angeles County = $362,790
Maximum Origination Fee = $7,255 (2% of $362,790)
Advisor Fee = $1,813 (25% of Max. Orig. Fee)
Home Value = $300,0000
FHA maximum ending limit in Los Angeles County = $362,790
Maximum Origination Fee = $6,000 (2% of $300,000)
Advisor Fee = $1,500 (25% of Max. Orig. Fee)
YOUR RESPONSIBILITIES: (including but not limited to the
following)
1) Identify and Pre-Qualify prospective Clients
2) Educate Clients about the Reverse Mortgage Program.,
including but not limited to explaining the financial implications
of the program, the various types of reverse mortgages, assisting
Reverse Mortgage of California as needed, etc.
3) Explain the participation between yourself and Reverse
Mortgages of California.
4) Explain the HUD requirement for counseling.
5) Obtain an Applicant Assistance Agreement from the client
acknowledging you will be paid for the services you provide.
6) Complete an agreement between yourself and Reverse
Mortgages of California.
7) Prior to funding, you will fill out a HECM Advisor
Certificate verifying the services you have performed for your
client.
HOW TO PARTICIPATE
Participation is simple; just give us a call at 1-800-449-2022
and a knowledgeable representative will assist you.
Thank You and we hope to here from you
soon!
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