Description

Don’t miss this opportunity to learn all you need to know about reverse mortgages. This lecture will focus on the Home Equity Conversion Mortgage (“HECM”). The HECM is the dominant type of reverse mortgage and is becoming more widely used. It is important for attorneys to have a working understanding of the HECM in order to properly advise clients. There are many misconceptions in the popular press. Because the HECM has not been widely used, very few attorneys understand the loan. This lecture will present the HECM in depth, including a comparison to the attributes of the “forward” mortgage. You will come away from this lecture with a thorough understanding of the HECM and comfortably advise clients on its use.

Michael J. Wallace, Esq.

Mr. Wallace’s career as an attorney specializing in mortgage banking/brokering and title insurance spans almost 25 years. He received his Juris Doctor from Syracuse University College of Law, and his Bachelor of Science from the State University of New York at Oswego.

From 1985 through 2004 Mr. Wallace has owned and operated successful title insurance agencies and represented prominent mortgage brokers and bankers. Mr. Wallace experience includes closing thousands of mortgage loans. In 1992 he began representing Upstate Capital Inc., a New York State registered mortgage broker located in Upstate New York.

In 2004 Mr. Wallace purchased Upstate Capital. He changed the company’s sales and marketing focus to reverse mortgages, and obtained FHA correspondent lender status and moved operations to East Syracuse, New York. Mr. Wallace expanded the company from a local presence to a multi-state broker. Mr. Wallace currently serves as the firm’s President.

Mr. Wallace is a licensed mortgage broker/and or title agent in New York, New Jersey, Pennsylvania, Connecticut and Florida. He has taught continuing education classes on mobile home law for judges, as well as Business Law I & II at a local business college. He is a speaker on the reverse mortgage and title insurance industries.

Mr. Wallace lives in a suburb of Syracuse with his wife, and two sons. His community activities include producing, directing, and acting in local theater, local political initiatives, serving on boards and committees for various non-profit organizations, and participating in local School District programs. His is a past Town of Dewitt Town Justice and currently serves on the town’s Sustainability Committee.