Educational Module-7: Educational Section Summary

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The above Educational Modules provided information about the wide range of industry participants, Reverse Mortgage concepts and components, its process and the many features and benefits of today's highly evolved Reverse Mortgage loan programs.

From the first Reverse Mortgage loan program creation through to the introduction of the HUD/FHA Home Equity Conversion Mortgage (HECM) loan and since then with the HECM improvements and the introductions of the many proprietary Reverse Mortgage loan programs, Reverse Mortgages have demonstrated their capability of helping seniors with comprehensive and flexible financial options.

As indicated, prospective Reverse Mortgage borrowers need to work with a licensed Reverse Mortgage Loan Originator (RMLO) as each Reverse Mortgage loan is unique to each borrower.

Once the prospective Reverse Mortgage borrower receives a Proposal from a RMLO and the Counseling Certificate is obtained, many times the actual Reverse Mortgage loan configuration changes due to the borrower's better defined financial profile, circumstances, goals, motivations, needs and of course, the HUD/FHA regulations and individual lender's underwriting guidelines as applied to the borrower.

While Reverse Mortgages have many details, the main components that control the amount of equity the borrower may convert into usable cash are based on the borrower's age, the appraised value of the borrower's home and the current interest rates.

While paying off an existing mortgage and eliminating its monthly payment is usually the primary motive for a Reverse Mortgage, given the many new options, more creative new borrowers are using Reverse Mortgages to advantageously adapt their financial plans leading up and in retirement.

Comprehension Check Questions

CCQ 1: The Do-IT-Yourself Reverse Mortgage™ Educational Section.

O   A: provided information in an easy-to-follow manner
O   B:
O   C:

CCQ 2: The Do-IT-Yourself Reverse Mortgage™ Educational Section

O   A: provided information I did not know before
O   B:
O   C:

CCQ 3: The Do-IT-Yourself Reverse Mortgage™ Educational Section

O   A: provided me with a new view of Reverse Mortgages
O   B:
O   C:

CCQ 4: The Do-IT-Yourself Reverse Mortgage™ Educational Section

O   A: overall score for the Educational Section
O   B:
O   C:
Do not use the scoring code for this Module – just record the selections for each as they all are survey-like answers. Once they provide an answer to all CCQs post the following on the page.

Congratulations, you have successfully completed the Do-IT-Yourself Reverse Mortgage™ Educational Section.

From now on, when you Log In or are actually on the website and want or need to review any of the Educational Modules, you can click on the link on the upper menu bar, where you can review the Modules without any Comprehension Check Questions.

Or, when you Log In you will have the option to go immediately go to the Reverse Mortgage Simulator™ Section where you can learn about how a Reverse Mortgage may look for a specific borrower and their home

To go to the Reverse Mortgage Simulator™ Section now, CLICK HERE

When the Edu Section is completed, also put the RMS link on the upper menu bar, so that wherever they are they can get back to either one Log the CCQs responses to T1 data fields xx and to T5 data fields xx