San Diego, CA -
The growth of reverse mortgages has been explosive. America's
seniors are getting bombarded with ads on TV, offers in their
mailboxes and telephone calls all aimed at enticing them to
determine their qualifications for a reverse mortgage. As the
senior population continues to grow and there will be more
professionals who will need to be trained and qualified to
provide retirees and elderly homeowners with valuable guidance
on whether or not a home equity conversion mortgage is right for
The HUD Home Equity Conversion Mortgage (HECM) and other reverse
mortgage private programs are an essential financial tool for
many seniors who want to accomplish compatible goals. These
include staying in their own homes, not running out of money,
not being a burden to their families, and leaving a legacy.
The ICFE Certified Home Equity Conversion Mortgage Specialist' (CHECMS')
is a new training and certification curriculum developed by the
ICFE. It is a comprehensive course with an independent study
guide that has been specifically developed to help counselors
learn and understand the purpose of the home equity mortgage
conversion insurance law, how it has expanded over the last ten
years and learn the details and characteristics of reverse
Properly used, the HECM or reverse mortgage can mean the
difference between enjoying the golden years and living with
daily anxiety. It is highly important for the senior homeowners
and their families to receive knowledgeable advice on the use of
this financial tool, since it is not appropriate for everyone.
Professional advisers who successfully complete the ICFE CHECMS
course will be prepared to work with seniors and their families
in determining the best means of utilizing the HECM reverse
mortgage program. It is notable the educational value of the
ICFE's CHECMS course has been accredited by such prestigious
governing bodies as AFCPE (etc.) for continuing education credit
for their members.
Beyond the immediate usefulness of the course content, holders
of ICFE certifications are better able to market their services
and integrate them with other professional capabilities.
Everyone in the process, including the seniors, homeowners,
families, and the professionals themselves, benefits from this
valuable course in the appropriate use of this versatile
Participants will also learn about the law that created reverse
mortgages and what it takes to be a HUD qualified lender. This
new ICFE course takes the student through step-by-step process
of originating a HECM and completing it to closing the loan and
it even includes HUD servicing options. Enrollees will learn and
develop the knowledge and skills needed to effectively comply
with HUD regulatory procedures.
The ICFE's CHECMS(TM) course materials include the ISG (see
table of contents below), a 100 question examination booklet and
answer sheet, guidelines from the FTC on reverse mortgages and
PowerPoint shows. It is available online. The CHECMS(TM) has
been accepted for 15 continuing education units by a variety of
The CHECMS program will be ready for delivery on or about
October 15th, 2008
View a SPECIAL prepublication discount and more information.
Independent Study Guide Table of Contents:
Chapter 4 Payout Choices
Lump Sum, Monthly Payments, Line of Credit, Combination
Comments on Restrictions on Use of Proceeds
Elaboration of Appropriateness Standards
Chapter 5 Calculations of Payments
Factors: Age of youngest homeowner - Life Expectancy
Interest Rate- Fixed versus Floating
Existing Mortgage Debt
Maximum Loan - by County
COSTS - Including Total Annual Loan Cost (TALC)
Chapter 6 Mortgage Credit Analysis (Homeowner)
Factors - NOT Credit Report or Score
(Other than debt on certain federal programs)
Actuarial analysis - longer life expectancy + lower advance
The cost and value of the HUD guarantee
Chapter 7 Property Analysis
Reverse Mortgage as an Asset-based loan
Local Market Limitations and Conditions
Declining Market language in appraisals (2008 market
Expected market cycle - Expectation that it will recover
during life of RM loan
Chapter 8 Application process
Step-by-Step Walk-through of what the Loan Originator needs to
Listing of forms, disclosures, preparation for homeowner
Appendix with Forms
Chapter 9 Borrower Counseling - HUD Requirements
Chapter 10 Closing and Endorsement
Chapter 11 HUD Role in Servicing & Assignments
Relationship between HUD and Lender
Practical Application of Servicing Practices
Appendix with Regulations
Chapter 12 Private/Proprietary Programs
Representative Lenders and Programs
Reasons for Using or Not Using non-HUD Reverse Mortgages
General Appendix Federal
Authorizing Statutes Summary HUD
Regulations News and Updates
End of table of contents.
About the ICFE:
The Institute of Consumer Financial Education (ICFE) was founded in 1982 by the late Loren Dunton (creator of the Certified Financial Planner (CFP) designation). The ICFE is dedicated to helping consumers of all ages to improve their spending, increase savings and use credit more wisely.
The ICFE is an award winning, nonprofit, consumer education organization that has helped millions of people through its education programs and Resources. It publishes the Do-It-Yourself Credit File correction Guide, which is updated annually. The ICFE has distributed over one million Credit/Debit Card Warning Labels and Credit/Debit Card Sleeves world wide.
The ICFE became an official partner with the Department of Defense/Financial Readiness Campaign in June of 2004.The ICFE was an active partner in the California Student Debt Resource Awareness Project (CASDRAP) which resulted in a new web site: (studentdebthelp.org). CASDRAP disbanded in 2010, shortly after the web site project was completed. In 2011 the ICFE assumed the single sponsorship of the (studentdebthelp.org) web site and is now responsible for its content and operation.
The ICFE is also an on-line help for consumers who spend too much. ICFE's spending help was featured in PARADE Magazine in the Intelligence Report section. The money helps and tips are from the ICFE's Money Instruction Book, our course in personal finance.
Visit the ICFE's other web sites at: www.financial-education-icfe.org and studentdebthelp.org. Both sites helps consumers and students with mending spending, learning about the proper use of credit, budget and expense guidelines, how to set up and implement a spending-plan and also how to access financial education courses and how to teach children about money. Other ICFE services include: Ask Mr. G, a free eNews, and an online resource center for students, parents and educators, plus financial education learning tools and a book store.