More than a million licensed Realtors now have access to a reverse mortgage continuing education course made available through the National Association of Realtors.
The online course, which spans three hours and is made available online via NAR’s online learning platform Realtor University, focuses on the reverse mortgage for Purchase and how it can apply to home buyers who are 62 and over who wish to eliminate their mortgage payments in the future.
The course debunks common reverse mortgage for Purchase myths and describes the types of properties that qualify for the loan. It also helps Realtors to understand the monetary investment required as well as the Federal Housing Administration safeguards in place and discusses the ethical and moral implications for offering versus not offering the product.
There are additional live courses, sponsored by Security One Lending, which are offered to Realtors free of cost, says Michael Banner, National Education Director for Security One Lending and Founder of the American C.E. Institute.
“It’s selling well,” Banner says. “Most agree they [initially] don’t know the product exists.”
While one million Realtors have access to the course online, the projected sales of the course, at $29.99 per course, are 8,000 to 10,000 per year, Banner says.
Realtors can take the course through Realtor University to work toward continuing education credits that allow them to maintain their Realtor licensing. The course will be marketed to more than one million Realtors over the course of the next 12 months, Michael Banner, national education director for Security One Lending told RMD.
Written by Elizabeth Ecker