Founded in 1997, the National Association Folded mortgages (NRMLA) "is the national voice of there verse mortgage industry, serving as an educational resource, policy advocacy and public affairs Center for lenders, as well as relevant experts ... More than 90% of the reverse mortgage in the United States today has originated or purchased by the members of NRMLA, and over 95% of reversemortgages originated from the United States at the moment is the mortgage home equity conversion("HECM") the loans are insured by the FHA. "
National Reverse Mortgage Lenders Association membership is not required for any mortgage loan company. NRMLA goal is to educate the borrowers of the potential benefits and drawbacks of the reverse mortgage loans. They also trainpeople to be considerate of the needs of the loan and to advise policy makers on issues in the reverse mortgage industry. NRMLA membership includes benefits such as workshops, newsletters and otherinformation resources related to the current reverse mortgage news and other topics that are important to seniors.
Many seniors enter retirement without the necessary funds to live the retirement lifestyle they'vedreamed of. Reverse mortgage loans can be a valuable tool for helping seniors retirement plan more safe. A reverse mortgage is a, the Federal Housing Administration (FHA) insured loans-only allowseligible homeowners age 62 and older to convert part of their home equity to fund tax-free1 without having to pay the monthly mortgage payments. 2 General loans not repaid until the homeownerfinally on your death or no longer in the House as their main residence. At that time, the estate caneither repay the balance of the reverse mortgage loans and keep families or choose to sell the House to pay off the amount owed. Any remaining stock inherited by the estate. If the House sells for less than the balance of the reverse mortgage loans, real estate will not be personally liable for the difference.
NRMLA strives to provide the most ethical honest services can be represented by "Borrowed with the belief" of their campaign. When the join NRMLA loan, not only do they get timely, industry-specificresources, but they also committed to treating their customers in a "way of honor and ethics" by following a code of ethics. A code of conduct includes compliance with values such as:
"Fairness-NRMLA members must treat consumers with dignity and respect, and in a way that is fair,reasonable, and when they want to be treated.
NRMLA Member Confidentiality-to respect appropriately, protect, preserve and protect the privacyand confidentiality of the information obtained from and about consumers.
Integrity-NRMLA members must act with integrity, to respect both the letter and spirit of this code of ethics, and appropriately and promptly disclose to the consumer the potential conflict of interest.
NRMLA Member Competence-will provide services to consumers in a competent way, collect and maintain necessary and appropriate knowledge, skills and experience to do so, consumers and referring to other people with such knowledge, skills and experience when they cannot do so.
NRMLA Member Diligence will provide services to consumers with diligence and due care, timely,thoughtful, a thoughtful way of the interests of consumers and is fully consistent with all legal andregulatory requirements apply.
Professionalism-NRMLA members ' conduct should reflect positively on NRMLA, occupation andindustry. "
In addition, there is a comprehensive list of rules that the NRMLA members are required to follow as,"not members of NRMLA, directly or indirectly, solicit or communicate with consumers through false or media deception or unfair or advertising or in any way inconsistent with existing laws" and"NRMLA member must be described exactly the costs and benefits of the products and services arepresented to consumers "of many others.
By choosing a member of NRMLA originate your loan, you are choosing more protection that NRMLAstrives to provide consumers with the reverse mortgage loan. Borrowers can rest easier knowing these lenders have the value of their customers and will promote NRMLA Code of ethics.
If you are considering a reverse mortgage loan, click here to request a free DVD education and ourReverse Mortgage Handbook or call 866 751.6105 to find out if a reverse mortgage loan is right foryou. For more information related to the NRMLA, please see their official website:http://www.nrmlaonline.org/
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