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A Look Forward at the Reverse Mortgage Industry: What an Attorney Needs to Know

Total Credits
1.5 - 2.2
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The fact that America is aging is not news, nor is it surprising. Experts have been predicting it since the Baby Boomers. This CLE course will explain Congress’s efforts to help seniors age in place through the development of Home Equity Conversion Mortgage (HECM) a type of reverse mortgage. The course will explain the legal history of the HECM and how it benefits senior citizens. The course will also explain how one can qualify for an HECM, the processes and procedures that are unique to it and the future of the HECM.

Lecturer Bio

Michael J. Wallace, Esq.

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

Mr. Wallace has owned and operated successful title insurance agencies and from 2005 to 2011 owned and operated an FHA correspondent lender focused on reverse mortgages. Eventually this lender became among the top 20 nationwide. It originated and closed more than 2,000 reverse mortgages. Mr. Wallace has originated and closed many reverse mortgage loans as well as thousands of forward mortgage loans. He has trained and managed a staff of more than 40 loan officers, and processors.

Mr. Wallace 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.

His practice, Wallace Law Offices, is limited to representing mortgage brokers, bankers, banks, loan officers and other companies involved in the reverse mortgage industry. This includes compliance, licensing, marketing and other legal areas specific to this industry.

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.

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