Posted by CMS_NY on 7/28/05 5:29pm
Msg #55420

Fees for a Reverse Mortgage

How much does everyone charge/accept for a Reverse Mortgage?

I was called to do one the other day and I told them $100...they said they would try to have that fee accepted and would call me back. First, they asked if I had any experience with Reverse Mortgages (which I told them, NO.)

Any comments??

Reply by Magic Lady CA on 7/28/05 5:41pm
Msg #55424

I have been paid the same for a Reverse Mortgage as a regular signing. They are just about the same. If you are familiar with a regular mortgage signing, reverse mortgages aren't that much different. Reeves-Hary has documentation on their website about Reverse Mortgages if you are interested.

Reply by Becca/FL on 7/28/05 6:46pm
Msg #55440

The AARP has an e-booklet re: reverse mortgages that is also helpful.

Reply by Becca/FL on 7/28/05 6:49pm
Msg #55441

found the link

http://www.aarp.org/money/revmort/

Reply by Mike/NJ on 7/28/05 9:59pm
Msg #55489

Re: found the link

If it is in town which most of them are and the docs are overnighted we charge $100.00. Figure an extra hour over a standard signing in most cases.

Reply by CarolynCO on 7/29/05 12:00pm
Msg #55671

**reverse mortgages aren't that much different**

The thing you must remember about reverse mortgages is that you are dealing with older people -- some with disabilities, some untrusting because they lived through the depression -- you have to have a lot of patience when signing reverse mortgages.

Reply by *** Amada Preciado*** on 7/30/05 9:54pm
Msg #56019

I charge 125.00 in California for a reverse mortgage. It seems to be standard for the compnay my husband works for.