This Course Includes:
- Late CE – 1 Hour Online WV SAFE CE – West Virginia Law – Key Topics (6069) (6582) – E
This course discusses the West Virginia’s Reverse Mortgage Enabling Act and satisfies the 1 hour of state-specific required continuing education for West Virginia Mortgage Loan Originators. The Act was created in 1996 to assist elderly homeowners meet their financial needs by accessing the equity in their homes through a reverse mortgage. We will introduce the Reverse Mortgage Act, first by looking at regulatory authority exemptions and approval for mortgage bankers. We will also discuss the various product and process requirements involved in offering reverse mortgages.
The lessons included in this course are:
Overview and Lender Qualification. Summarizes the law and discusses lending procedures and limits
Product Requirements. Gives an overview of rules for reverse mortgages, in addition to loan requirements, features and termination details.
Process Requirements. Discusses fees, required disclosures and penalties for violations.
Learn how to become authorized to offer reverse mortgage loan
Know the general features and requirements of both the lender and borrower of a reverse mortgage loan
Understand the required disclosures, fees and penalties associated with reverse mortgages