Generation Mortgage announced that it created a continuing education course for the Home Equity Conversion Mortgage (HECM) for purchase program in California.
The California Department of Real Estate approved the course “Reverse Mortgage Opportunities and Consumer Protections for Senior Clients” for its realtors and is available upon request to real estate agencies statewide said a company statement.
The reverse mortgage for purchase program was approved as part of the Housing and Economic Recovery Act of 2008, which enabled the U.S. Department of Housing and Urban Development (HUD) to create the program in January 2009. Attendees can qualify for two credit hours toward continuing education requirements for their California broker licenses.
“HECM for Purchase is a new, fairly complex reverse mortgage product that realtors in California should make sure they understand,” said Rich Young, Executive Vice President in Sacramento for Generation Mortgage Company.
“Because California is the state with the highest number of reverse mortgages, consumers here are more savvy about them. Since HECM for Purchase loans can be used to buy a home, California realtors need to know the details involved. Also, seniors who would like to purchase a home and wouldn’t normally qualify for a mortgage because of credit issues or fixed income can potentially do so now.”