Posted by CarolynCO on 2/23/05 8:32pm
Msg #22067
Reverse Mortgage
I had my first reverse mortgage signing this morning. The couple were in their mid-80's. Signing took 1-1/2 hrs. I left the signing with new knowledge of different loan docs, as well as a new-found patience and respect. There is no "in-out" with reverse mortgages. Their eyesight and hearing is not that of someone 30, 40 or 50 years younger. You have to watch them like a hawk when signing -- pointing out where to sign, first as I handed them each document, and again showing them *exactly* the spot when the page was on the table in front of them. They don't trust calculators, but instead figure all the calculations manually by hand, with a pen no less, and every page that had figures on it, needed to be calculated.
I'm going to call my own Mom tonight, not quite as old as this couple, just to tell her I love her.
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Reply by BrendaTX on 2/23/05 9:21pm
Msg #22076
Thanks for sharing Carolyn. I actually enjoy doing rev morts. I do schedule extra time for them.
But, thus far, I have had only one rev mort which was lengthy. The rest were "Let's hurry so we can watch Wheel of Fortune," or "I have to meet my friends at the funeral home. One of our friends died and we are going to drop in, and then go out to eat. Gotta get to square dancing by 7."
There was one evening I was entertained by the tales of a retired postman. Said back in the early 60's he did the daily USPS Mail run between Freeport and Houston.
He noticed he was being closely followed on certain days and he finally got worried. Talked to his supervisor and found out some of the parcels he was moving on his route were boxes of money...a half a million dollar payroll in cash for Dow Chemical twice a month. He was being followed by Dow Security--that'd be similar to Deputy Dog and Barney Fife riding shotgun.
Nice people at Rev Morts appointments.
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