The National Reverse Mortgage Lenders Association (NRMLA) was founded in 1997 in Washington, DC. The association is the national voice of the lenders and investors involved in reverse mortgage business. The national reverse mortgage lenders have three main activities. Fist of all they promote the reverse mortgage product for the American public. Second of all, they inform all the members of new legislative, regulatory, and market developments in order to serve the interests and needs of the borrowers. Finally, they represent the reverse mortgage industry in Washington.
The national reverse mortgage lenders created the association in order to give to older Americans a great opportunity of living a comfortable life. In the same time they made the process of getting a reverse mortgage much simpler and more predictable, for both lenders and consumers.
The reverse mortgage provides funds for the homeowner that depends on the equity in home and on the owner's anticipated life expectancy. The funds given by the lender can be received by the homeowner as a one-time lump-sum payment, fixed monthly payments for life, or line of credit. The loan will not be repaid as long as the borrower continues to live in the house and maintain the house in proper conditions.
The association of the national reverse mortgage lenders, acts like an advocacy organization and holds periodic national conferences on reverse mortgage lending topics, promoting awareness of the reverse mortgage.
Any company that originate, service, or invest in reverse mortgages can become a member in this association. The membership is also open to all affiliated professionals involved in or interested in the product.
Nowadays, more seniors than ever before are enjoying their golden years by reaping the benefits of reverse mortgages. It is the easiest way to resolve all financial problems that come with age, and still remain the owner of the house. |
