Reverse mortgages are growing in popularity as senior citizens seek ways to meet the rising costs of health care along with living expenses during their retirement years. The rise in reverse mortgages means that reverse mortgage jobs are becoming more in demand. If you enjoy working with seniors this may be a career you want to consider.
Reverse mortgage jobs involve helping seniors acquire a reverse mortgage on their home. Reverse mortgages are available to seniors 62 years or older that meet the criteria set forth by the Department of Housing and Urban Development (HUD). For those seniors that qualify, they can receive a cash payment for the equity in their home without having to sell or move from their home or have a monthly payment that needs to be paid back. Because of these advantages reverse mortgage job opportunities are increasing. Obviously, if you’re interested in reverse mortgage jobs, you need to be able to answer the question, “How does a reverse mortgage work?” so that you can help those who are interested. You also should be ready to present a brochure or pamphlet on reverse mortgages pros and cons to give a balanced view for the potential customer.
Professionals working in the reverse mortgage field meet with seniors as well as financial professionals to explain and sell seniors on their particular reverse mortgage product. These jobs may be referred to as reverse mortgage specialist jobs, reverse mortgage loan officer jobs, reverse mortgage sales jobs among others. These jobs are similar to being a loan officer for traditional mortgages. The difference is you will be working with seniors, along with their families and financial advisors. In addition a reverse mortgage has its own set of criteria set forth by HUD and is an entirely different type of loan product. Qualifying for a reverse mortgage does not depend on a person’s credit, but rather the factors set forth by HUD. As a reverse mortgages specialist you will need to be versed in reverse mortgage disadvantages and advantages – focusing on the latter of course if working with a potential client.
The eligibility requirements for reverse mortgage jobs will depend on the specific position as well as the individual lenders. Some employers may require you to have a college degree, while others are looking for experience in the mortgage industry or sales. You will need to work well with seniors, have good communication and computer skills and be motivated to produce sales. Some jobs may allow you to work from home while others will be from the lenders offices. The jobs may be salaried with benefits or could also be commission only.
Reverse mortgage jobs are expected to be in strong demand as reverse mortgages continue to be very popular with senior citizens. The best mortgage provider companies will provide full training for these positions and these positions can offer a good income for those with the required background and skills and interest in working with seniors.