May the HECM Loan Advisor Program be used in connection with any other reverse or forward mortgage loans?
No. It is offered and may be used only in connection with the origination of a HECM loan by a HECM Loan Originator. 8. Do Advisors perform any HECM loan origination functions? No. Only FHA-approved HECM Loan Originators perform HECM loan origination functions. Advisors only advise the seniors who chose to retain them to provide advice and assistance. 9. Who pays Advisors? Senior HECM loan applicants who choose to retain Advisors agree to pay their Advisors, directly or indirectly out of HECM loan proceeds, for the advice and assistance they actually provide to such seniors. 10. How much are Advisors paid? Advisors are paid the amount (the “Advisor Fee”) the seniors who retain them agree to pay them, subject to four important, basic limitations. 11. What are the four important, basic limitations on the amount of the Advisor Fee? First, the senior HECM loan applicant must agree in writing (the “Advisor Agreement”) as to the amount of the Advisor Fee. Second, the amount of the Advisor Fee
