Posted by Mary Pierce on 1/25/05 6:34pm
Msg #18112

reverse mortgages

Anyone ever do a reverse mortgage? I received an email yesterday for a company I did one signing for. They are setting up training on this.

Reply by S/Ca on 1/25/05 7:03pm
Msg #18118

I have never done a reverse but would love training in it. Would you be willing to list the co. name or e-mail me with it. TIA

Reply by Mary Pierce on 1/25/05 7:11pm
Msg #18119

training is in NJ. I am 4 hours away so I emailed her and asked her if she would set up something my way. Waiting for a reply.

Reply by S/Ca on 1/25/05 7:15pm
Msg #18122

Thanks for the info. please let me know if they do an online seminar. Unfortunately I'm to far awayin Ca.

Reply by Mike/NJ on 1/25/05 8:35pm
Msg #18128

I will be going to the same training. Its scheduled for Monday but nothing confirmed as of yet.

Reply by Mary Pierce on 1/25/05 8:56pm
Msg #18131

Mike - which agency contacted you about it?

Reply by Mike/NJ on 1/26/05 2:28pm
Msg #18243

Send me your email addy..

[e-mail address]

Mike

Reply by Debbie/NJ on 1/26/05 4:31am
Msg #18159

Mike - Where in NJ is this training for reverse mortgages? You said it's scheduled for Monday but nothing confirmed as of yet. Please let me know when you get more information. You can email me at [e-mail address].

Thanks a lot!
Debbie

Reply by Dotti_CA on 1/25/05 8:26pm
Msg #18127

Mary, I've only done one...can't remember it being much different than a regular signing. Dotti

Reply by BrendaTX on 1/25/05 8:36pm
Msg #18129

I have done several reverse mortgages. If you have refi experience, you won't be daunted by a reverse mortgage stack.

There are two DOTs, two Rev Mort Agreements/Affidavits, two notes, two Huds and the usual odd docs. I'd go to the HUD.gov website, do a search on HECM (Home equity conversion mortgage) and get an understanding of what the loan is about.

Once you read up on HECMs on Hud.gov, you'll know that the Bwrs have to have a lot of counseling before getting a HUD approved HECM.

If they have had good counseling, they just want you to get the job done and get out of the way.

So, snap it up and get those loans signed so you don't crowd in on

"Wheel of Fortune" Hour
My Nap Time
Bridge Night
The Elderberry Club
A 50th Class Reunion or
Square Dancing
A Wake

Which are events I have come close to holding up by not realizing that the borrowers had been well counseled and they just wanted me the heck out of the way.

Reply by janCA on 1/25/05 10:37pm
Msg #18144

I've done four or five reverse mortgages. They're just huge packages. The only problem I seemed to have run into with each and every one of these is that the borrower/s seem to have the impression that the LO will be at the signing. We've always had to sit and wait and finally I will call the LO and they will say, "no", they will not be there, just have them sign. Ugh! So, it does make me wonder if these borrowers really realize what they are signing???? I know about the counseling, but it still makes me wonder.