Posted by Carol Graff on 1/10/11 10:25pm
Msg #367948
Reverse Mortgages
I did my search, but did not find anything to help me. My RM tonight was very stressful and 2 1/2 hrs. long, It was only one BO but in a Trust. There were probably 10 pages of instructions. (My last RM had the LO present). This very kind 75 yr. old man seemed very uncertain of many things I thought he should have been aware of. I told him about his RTC and that I was there to notarize, but could not help him with the loan. I truly felt I was doing him a disservice and that a LO should always be present for these signings. He circled and made alot of notes and will talk to LO tomorrow. I only chgd $125 to SS but felt that in the future $150-$175 was more appropriate esp when it was @200 pages and in a Trust. Any thoughts on this?
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Reply by Glenn Strickler on 1/10/11 10:53pm
Msg #367949
Where a trust is involved with any loan, it has a lot of extra work. I don't think that what you are asking is out of line. I try to at least have the LO's phone number with me so I can call, but unfortunately, I don't always have it.
I learned to ask a lot of questions before I accept a signing and try to price it accordingly. Sometimes they agree, other times they have to check and sometimes I get it, sometimes they don't call back.
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Reply by Ilene C. Seidel on 1/11/11 6:29am
Msg #367953
I ALWAYS charge more for a reverse mtg. No matter trust or not it takes longer to close. You should call title/signing to ask for more. Don't not try.
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Reply by James Dawson on 1/11/11 7:43am
Msg #367957
Depending on whether not it was the "application" or final paper your price was within reason. Sometimes the hiring party will tease you with "we'll let you do both if you give us a break"! Glenn's advice would be mine also.
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Reply by RedBaron/IN on 1/11/11 10:14am
Msg #367984
I charge $50 more for RM. They always take longer. The BO is older, they are unsure if the RM legal and older folks take longer to sign. I usually have the name and number of the LO as there is always a question or two from BO. I have found most LO's do not live near by so they cannot attend closing. After you do a few you will become more comfortable. The LO's I work with always call the BO before I arrive and go over the HUD with them and leave their contact number. The notary is the last person that can make or break the signing & the LO's fee.
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