Tom Smith of LaPlace earns elite reverse mortgage designation

Published 12:00 am Wednesday, May 6, 2020

Getting your Trinity Audio player ready...

LAPLACE – Tom Smith, a reverse mortgage specialist with Power Mortgage, joined an elite cadre of mortgage professionals who have achieved the status of being a Certified Reverse Mortgage Professional. Smith earned the designation after he passed a rigorous exam and background check, thereby demonstrating a competency in reverse mortgages and a dedication to upholding the highest ethical and professional standards.

Only 152 individuals nationwide currently have the CRMP designation.

“Being one of 152 people nationwide to have achieved this milestone is a testament to my commitment to reverse mortgages,” Smith said. “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, applicants must have originated reverse mortgages for at least three years or have personally closed at least 50 loans, earned 12 continuing education credits, completed NRMLA’s Ethics Course, passed a comprehensive exam and completed a background check.

Steve Irwin, president of the National Reverse Mortgage Lenders Association, said Smith has demonstrated knowledge and competency in reverse mortgage and upholds high standards in the industry.

Smith has a degree in accounting from Mississippi State University. He served in the U.S. Army and was honorably discharged as a First Lieutenant. He worked as a National Bank Examiner prior to serving as president of Bank of LaPlace. He currently works at Power Mortgage with a focus on breaking down the functions and internal workings of reverse mortgages in a way that can help Baby Boomer retirees properly utilize home equity to achieve more successful retirement outcomes.

Reverse mortgages are available to homeowners age 62 and older with significant home equity. They are designed to help older Americans borrow against the equity of their homes to help fund retirement needs without having to make monthly payments as required by 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.

Smith can be reached at 504-559-4078 for more information on reverse mortgages. Power Mortgage is located at 586 Belle Terre Boulevard in LaPlace.