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V.I.P. Mortgage, Inc.'s Tim Nelson Becomes First Certified Reverse Mortgage Professional in Arizona

Only 81 Individuals Nationwide Have the CRMP Designation

2014-03-13
SCOTTSDALE, AZ, March 13, 2014 (Press-News.org) Scottsdale-based V.I.P. Mortgage, Inc., announced that Tim Nelson is the first mortgage professional in Arizona to achieve the designation of Certified Reverse Mortgage Professional (CRMP).

The National Reverse Mortgage Lenders Association (NRMLA) bestowed the certification on Nelson after he demonstrated a superior knowledge and competency in the area of reverse mortgages and a dedication to uphold the highest ethical and professional standards. Only 81 individuals nationwide currently have the CRMP credential and Nelson is the only one based in Arizona.

Nelson leads V.I.P. Mortgage, Inc.'s dedicated Reverse Mortgage Division. He has been in the mortgage industry for over 30 years and has focused specifically on reverse mortgages, also known as Home Equity Conversion Mortgages (HECM), since 2009.

"Many people don't realize how reverse mortgages have changed over the past few years," explained Tim Nelson, Reverse Mortgage Specialist, V.I.P. Mortgage, Inc. "Clients are surprised to learn that rates and fees are competitive with traditional mortgages, that reverse mortgages can be used as a real estate purchasing tool when clients downsize or relocate, and that the product is now considered by certified financial planners to be a good option for maintaining a client's lifestyle and liquidity during their retirement years."

"Another little known fact about reverse mortgages is that upon the sale of the property, the owner or heirs will receive the remaining equity in the home and if there is no equity or it's upside down because values have dropped, the FHA insures the loss with no financial liability to the owner or their heirs," added Nelson.

"Because this is a more complex financing tool that is unfamiliar to most borrowers, Tim's expertise in reverse mortgages is invaluable to our clients," said Jay Barbour, president and founder of V.I.P. Mortgage, Inc. "We are committed to helping baby boomers achieve their financial goals in retirement. Tim's emphasis on taking an educational approach when working with clients helps ensure that V.I.P. Mortgage meets their needs and goals."

"As a Fee-Only Certified Financial Planner professional, I must uphold a fiduciary standard of care and find the professionals and financial products that are in the best interest of the client," says Neal Van Zutphen, M.S., CFP , President, Intrinsic Wealth Counsel, Inc. and
"These very flexible, yet complex, reverse mortgages have really changed over the years. I might add, all for the better. Reverse mortgages can be a great financial tool to help clients achieve peace of mind while supplementing their retirement income."

To qualify for the designation, applicants must have originated reverse mortgages for 2 or more years and personally closed at least 50 loans; earned 12 continuing education credits; completed NRMLA's Ethics Course; passed a rigorous exam; and a background check. The certification is valid for three years, during which time designees must earn 12 CE credits annually to be re-certified.

Reverse mortgages are available to homeowners and buyers 62 years old and older with significant home equity. They are designed to enable retirees to borrow against the equity in their homes 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 850,000 senior households have utilized an FHA-insured reverse mortgage.

Editor's Note:
Regulatory guidelines require that the full legal name "V.I.P. Mortgage, Inc." be used in all references to the company.

About V.I.P. Mortgage, Inc.

V.I.P. Mortgage, Inc. is an award-winning, mid-size mortgage banker committed to restoring the reputation of the mortgage industry. Headquartered in Scottsdale, Arizona, Jay Barbour founded V.I.P. Mortgage, Inc. in 2006 amidst the collapse of the housing industry. With licenses in 13 states, the company has grown to employ more than 300 people in 20 branches nationwide. V.I.P. Mortgage, Inc. is consistently recognized as a "Best Place to Work", was named a 2013 "Most Admired Company in Arizona" and is ranked in the top 50 in the Scotsman Guide's Top Mortgage Lenders.

As both the mortgage banker and broker, V.I.P. Mortgage, Inc. offers in-house underwriting, funding and processing, and presents a fully transparent origination platform. The company offers a variety of purchase and refinance loan options including conventional, FHA, VA, cash out, jumbo, fixed rate and adjustable rate mortgages. For more information, visit http://www.vipmtginc.com or call (800) 680-8799. NMLS 145502. Equal Housing Opportunity Lender.


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[Press-News.org] V.I.P. Mortgage, Inc.'s Tim Nelson Becomes First Certified Reverse Mortgage Professional in Arizona
Only 81 Individuals Nationwide Have the CRMP Designation