Posted by judyca on 8/28/04 8:50pm
Msg #6932

Fees

What do you charge for Reverse Mortgage signings?

Reply by HisHughness on 8/28/04 9:20pm
Msg #6934

I charge the same as for a refi. There are documents in remorts that require that three copies of the same document be notarized.

Reply by Sylvia_FL on 8/28/04 10:23pm
Msg #6938

I do a lot of these and I charge the same as for a regular refi.

Reply by Loretta/Maryland... on 8/29/04 2:07pm
Msg #6970

I have hearsd about these mortgages but I have not done one of these yet. Could someone please explain the basics of a reverse mortgage to me?
Any help is greatly appreciated.

Reply by BrendaTX on 8/29/04 3:04pm
Msg #6975

Try this link to get the basics about the reverse mortgage:

http://www.aarp.org/revmort-basics/Articles/a2003-03-21-basicloanfeatures.html

Reply by nah_AR on 8/30/04 9:55am
Msg #7001

They basically contact homeowners over the age of 65 and have the property appraised, the company will then loan up to a certain amount on the appraised value only. The homeowners do not have to pay this money back as long as they are alive, however upon passing away the money is paid back from their estate. There are many people in my area that are taking out this type of loan and I can see where it has been very beneficial for them.