A newly formed Florida trade association is attempting to boost the Home Equity Conversion Mortgage for Purchase program by edifying realtors on all that it has to offer, according to a recent report.
"In January, Certified Reverse Mortgage Professional Tim Linger formally founded the HECM Association, after a couple years of beta testing," according to Reverse Mortgage Daily.
"The reverse mortgage industry has not taken a very active role in teaching Realtors about this loan, Linger said, and the association will work to change that."
The percentage of realtors that don't know about HECM for Purchase option is quite high according to Linger. It is especially surprising to Linger because this is true even in Florida, a state that has a strong percentage of buyers ages 62 and over.
With that in mind, Linger created a group that brings organized classes to realtors who are looking to learn more about the HECM for Purchase program.
"The program offers continuing education credit courses and a certified HECM specialist designation," according to RMD.
"The two- and three-hour classes meet in-person and through online webinars, with programs targeted to the various boards of Realtors in the state. To become a certified HECM specialist, agents must pass a 30-question exam following the completion of the course."
For Linger, getting realtors to come out to a class is the most difficult part for the trade group. However, Linger tells RMD that engagement once they do fill seats is very high.
To learn more the HECM Association and its mission, click on the image above.