Reverse Mortgage Lender Offers Education for Attorneys Through CLE Class

image Upstate Capital announced a new continuing legal education (CLE) class to provide attorneys with information about reverse mortgages.  Reverse Mortgages in a Nutshell: Introduction to a HECM is being offered online by the National Academy of Continuing Legal Education.

The class is meant to provide an introduction to reverse mortgages and dispel many of the misconceptions that have circulated wildly about the mortgage product in the popular press said a company statement. 

“This lecture will present the HECM in depth, including a comparison to the attributes of the “forward” mortgage”, said Michael Wallace, President of Upstate Capital.  “Attorneys will come away from this lecture with a thorough understanding of the HECM and will be able to comfortably advise their clients on its use”.

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Attorneys can audit the class free of charge; however, they will need to register and pay for the class in order to receive CLE credits. To access the class, attorneys can login using the following information.

EMAIL: reversemortgage@nacle.com
PASSWORD: hecm

Attorneys can receive a 50% discount on the cost of the class if they mention CODE: HECM6522 when they call to purchase the class for CLE credits.

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  • CLE courses are a great way to reach out to the legal profession. This is the fourth one I have heard about in the last two years. A practicing attorney in Florida has had such a course for several years now. A branch of a mortgage banker in California has also had some success with a CLE course.

    Reverse mortgages have historically a very weak standing in the legal community primarily due to pre HECM era and also bad press. Courses that are detailed with lots of primary source reference materials and quotations from practicing attorneys are great. Courses of this nature can be a real bridge not only for the originator and originating firm but also the industry as a whole into the legal community. Courses that merely state what we believe are facts should be avoided; they tend to reinforce the poor image many practicing lawyers have about our industry.

    For the sake of the industry, firms that have had legal problems in the not too distant past should refrain from teaching attorneys about the legalities of reverse mortgages. With the findings and penalty assessments made in April 2008, it is hard to see this particular company dispensing information on consumer protections to the legal profession. http://www.hvpress.net/news/119/ARTICLE/4150/20….

    Those who emphasize teaching trusted advisors, like attorneys, CPAs, and CFPs, about reverse mortgages should have an above average reputation in advertising, affiliations, legal practices, and providing service to seniors. Anything less could cause more harm than good.

  • How do you know what the content of this course is? Does NRMLA review the content before it is given? They should. The last thing we need is false information being given to attorneys.
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