We are independent & ad-supported. We may earn a commission for purchases made through our links.
Advertiser Disclosure
Our website is an independent, advertising-supported platform. We provide our content free of charge to our readers, and to keep it that way, we rely on revenue generated through advertisements and affiliate partnerships. This means that when you click on certain links on our site and make a purchase, we may earn a commission. Learn more.
How We Make Money
We sustain our operations through affiliate commissions and advertising. If you click on an affiliate link and make a purchase, we may receive a commission from the merchant at no additional cost to you. We also display advertisements on our website, which help generate revenue to support our work and keep our content free for readers. Our editorial team operates independently of our advertising and affiliate partnerships to ensure that our content remains unbiased and focused on providing you with the best information and recommendations based on thorough research and honest evaluations. To remain transparent, we’ve provided a list of our current affiliate partners here.

What does a Reverse Mortgage Specialist do?

Mary McMahon
By
Updated Mar 02, 2024
Our promise to you
Practical Adult Insights is dedicated to creating trustworthy, high-quality content that always prioritizes transparency, integrity, and inclusivity above all else. Our ensure that our content creation and review process includes rigorous fact-checking, evidence-based, and continual updates to ensure accuracy and reliability.

Our Promise to you

Founded in 2002, our company has been a trusted resource for readers seeking informative and engaging content. Our dedication to quality remains unwavering—and will never change. We follow a strict editorial policy, ensuring that our content is authored by highly qualified professionals and edited by subject matter experts. This guarantees that everything we publish is objective, accurate, and trustworthy.

Over the years, we've refined our approach to cover a wide range of topics, providing readers with reliable and practical advice to enhance their knowledge and skills. That's why millions of readers turn to us each year. Join us in celebrating the joy of learning, guided by standards you can trust.

Editorial Standards

At Practical Adult Insights, we are committed to creating content that you can trust. Our editorial process is designed to ensure that every piece of content we publish is accurate, reliable, and informative.

Our team of experienced writers and editors follows a strict set of guidelines to ensure the highest quality content. We conduct thorough research, fact-check all information, and rely on credible sources to back up our claims. Our content is reviewed by subject-matter experts to ensure accuracy and clarity.

We believe in transparency and maintain editorial independence from our advertisers. Our team does not receive direct compensation from advertisers, allowing us to create unbiased content that prioritizes your interests.

A reverse mortgage specialist is a finance professional who specializes in providing reverse mortgage products. He or she may work for a bank, handling reverse mortgages for the bank's customers, for a broker who helps people find loans, or for an organization which provides information and assistance to people who are considering a reverse mortgage. The requirements to become a reverse mortgage specialist vary, with most having some training in the financial industry which includes specific training in mortgage products.

Reverse mortgages are primarily taken out by the elderly, and some banks may actually limit their reverse mortgages to borrowers over 62. With this type of mortgage, the borrower receives payments which are deducted from the amount of equity the borrower has in the home. The amount of the payments cannot exceed the value of the home, and most reverse mortgages are also only available if there are no other liens on the property.

Once the borrower leaves the house, the house must be sold to repay the mortgage, or heirs and family members can redeem the mortgage, either in cash or by using a mortgage to finance the repayment of the reverse mortgage. Reverse mortgages are classically used by elderly people to ensure that they have a steady source of income in their old age; the advantage is that unlike a home equity loan, no payments are required from the borrowers.

Reverse mortgages can be complicated, and a reverse mortgage specialist needs some special skills to work successfully with clients. Because reverse mortgages are based on the available equity in the home, creditworthiness of the applicants is not terribly important, but lenders do need to think about issues such as the potential for a decline in value of the home which could force the bank to take a loss, along with the age and health of the applicants. Reverse mortgage specialists are also able to offer information about other financial products to help their customers select the best option for their needs.

These professionals tend to work in urban areas, where a reverse mortgage specialist can find plenty of work because the population is large. They may also work in smaller communities with a large elderly population. Many can provide assistance over the phone for customers in rural areas who need reverse mortgage products or information. Like other mortgage professionals, a reverse mortgage specialist must be able to balance the needs of the bank with the needs of the customer to develop a mortgage which will be suitable and low risk.

Practical Adult Insights is dedicated to providing accurate and trustworthy information. We carefully select reputable sources and employ a rigorous fact-checking process to maintain the highest standards. To learn more about our commitment to accuracy, read our editorial process.
Mary McMahon
By Mary McMahon

Ever since she began contributing to the site several years ago, Mary has embraced the exciting challenge of being a Practical Adult Insights researcher and writer. Mary has a liberal arts degree from Goddard College and spends her free time reading, cooking, and exploring the great outdoors.

Discussion Comments
Mary McMahon
Mary McMahon

Ever since she began contributing to the site several years ago, Mary has embraced the exciting challenge of being a...

Learn more
Practical Adult Insights, in your inbox

Our latest articles, guides, and more, delivered daily.

Practical Adult Insights, in your inbox

Our latest articles, guides, and more, delivered daily.