Local Businessman Earns Reverse Mortgage Designation

MELVILLE, N.Y., July 31, 2018 (Newswire.com) - Tim Kennedy, a Reverse Mortgage Specialist with US Mortgage Corporation, joined an elite cadre of mortgage professionals who have achieved the status of being a Certified Reverse Mortgage Professional (CRMP). Mr. Kennedy earned the designation after he passed a rigorous exam and background check, thereby demonstrating a competency in the area of reverse mortgages and a dedication to uphold the highest ethical and professional standards. Only 155 individuals nationwide currently have the CRMP designation.

“Being one of 155 people nationwide to have achieved this milestone is a testament to my commitment to reverse mortgages,” says Kennedy. “The process involved to receive this professional designation was long and arduous and adds to the level of expertise maintained by myself and the firm.”

To qualify for the designation, applicants must have originated reverse mortgages for a minimum of three years or personally closed at least 50 loans; earned 12 continuing education credits; completed NRMLA’s Ethics Course; passed a comprehensive exam; and a background check. The certification is valid for three years, during which time designees must earn 8 CE credits annually to be re-certified. Applicants who are not loan originators, but nonetheless work in areas vital to the business, such as training, counseling, processing, underwriting and servicing, must have three or more years of experience.

“Tim is one of 155 individuals with the Certified Reverse Mortgage Professional designation. As a CRMP, he has demonstrated knowledge and competency in the area of reverse mortgage lending and is dedicated to upholding high standards of ethical and professional practice in the industry,” said Peter Bell, President and CEO of the National Reverse Mortgage Lenders Association.

Reverse mortgages are available to homeowners 62 years old and older with significant home equity. They are designed to enable older Americans to borrow against the equity in their homes to help fund retirement needs, without having to make monthly payments as is required with a traditional “forward” mortgage or home equity loan. Under a reverse mortgage, funds are advanced to the borrower and interest accrues, but the outstanding balance is not due until the last borrower leaves the home, sells, or passes away. Borrowers may draw down funds as a lump sum at loan origination, establish a line of credit or request fixed monthly payments for as long as they continue to live in the home. To date, more than one million senior households have utilized an FHA-insured reverse mortgage. 

About Tim Kennedy - Born and raised on Long Island. Graduated from Stony Brook University where I met my wife, Eva, of 28 years. We currently reside on the Northshore of Long Island raising our three children 23, 20, and 18 respectively. Our oldest is a 2nd-year law student and our other two are navigating their way through undergraduate studies.  

I have been in the mortgage industry since 1994 and I will be starting my 10th year with US Mortgage Corporation in September. US Mortgage Corporation is a Direct Lender; Corporate office located in Melville, NY and many offices around the country. I am very excited and humbled to be a part of an elite group of reverse mortgage professionals. My goal has been and will continue to be in education. My goal is to educate the professionals in the senior community on the possible benefits of a reverse mortgage.

Tim Kennedy contact details: Phone: 631-750-0520 Email: [email protected]

Source: US Mortgage Corporation