The HECM Advisor Program is a way that you can participate with 1^st Step Mortgage Group, Inc to offer FHA Reverse Mortgage products to your customers and earn up to 25% of the origination fee.  

 Reverse Mortgage Advisor Program Overview

Licensed lenders who are not FHA approved can participate in the origination of Home Equity Conversion Mortgages and earn a portion of the origination fee.    1^st Step Mortgage Group, Inc. is looking for a small number of quality lenders to participate in our HECM Advisor program. A HECM Advisor is a licensed mortgage lender that serves as a financial advisor, educates applicants, and offers them any necessary resources regarding reverse mortgages. The Advisor serves solely in the role of a representative and financial advisor to the HECM applicant and will not be involved in processing the loan. The HECM Advisor / Lender may earn up to 25% of the origination fee. The Advisor must be licensed to offer first mortgage loans in Illinois, unless exempt from licensing, and must be independently retained in writing by the applicant to provide assistance for a fee. A copy of the fee agreement will be included in the HECM file submitted to HUD, and any fee paid to Advisor will be disclosed on the HUD-1. 

 Roll of Advisor

1. Perform services listed in more detail on our “HECM Advisor Certification” form, including educating the applicant about reverse mortgages and the financial implications of a HECM loan on the borrower, providing information on HECM lenders and keeping in contact with the applicant throughout the process.
2. Have the applicant sign the “Applicant Assistance Agreement” (Advisor- Borrower agreement)
3. Fill out the “Submission Form” to submit identity information on the proposed borrower to chosen Lender.
4. Fill out the “HECM Advisor Certification” form indicating what services Advisor is performing.