Posted by Nd_WA on 7/21/05 7:41pm
Msg #53752

$50 for an overnight reverse mortgage...

and they wouldn't go a penny higher. I will charge and extra $25 on top of what I quoted earlier if they call back.

Reply by Ny Notary on 7/21/05 8:13pm
Msg #53757

What company? Are they nuts?

Reply by Teasa/NY on 7/21/05 8:50pm
Msg #53760

I wouldn't touch it for that. They can be long due to hand holding with elder customers. These requests are out of hand.

Reply by NY_TaxLady on 7/21/05 8:56pm
Msg #53762

I wonder who they will get to do it for $50. a newbie? Senior generally aren't trusting individuals when they are dealing with money. Teasa is Right a lot of hand holding, Patience,and time.

Reply by Sylvia_FL on 7/21/05 9:02pm
Msg #53763

Depends on the company, I can do a Wells Fargo reverse mortgage in under an hour. But there is one company (can't remember which it was) that took me over 2 hours, but the package was HUGE! The Wells Fargo ones are no bigger than a regular refi package, and, at least here in Florida, the borrowers have gone through counseling and know exactly what they are doing.

Reply by peterole_MN on 7/21/05 9:46pm
Msg #53770

I have decided, due to gas costs and respect for my time, not to go out of my driveway for less than $75 for regular single loan. Then, as often is the case, others may be present at the signing a reverse, I would not go for less than $100.

Reply by Sylvia_FL on 7/21/05 10:02pm
Msg #53774

I have never had anyone else present at the signing of a Reverse mortgage, but I have had others present at the signing of a regular loan signing.

Reply by HisHughness on 7/21/05 10:27pm
Msg #53782

I have one company for which I have done 30 reverses so far this year. Because of the volume, I charge them $90. About a third of the time, I will have someone else present, generally a family member but occasionally a loan officer. It has never been a problem; in fact, the presence of a family member generally seems to ease any doubts that the borrowers might have. The packages I get run 145-155 pages; a typical refi in Texas will run 110-130 pages.

Today, I did an RM and met this wonderful couple. Both were 82, but still alert and quite witty. Toward the end of the signing, he mentioned that he had been taken prisoner by the Germans during the Battle of the Bulge (for you youngsters still green behind the ears [yes, Melody, I know I'm mixing metaphors], the Battle of the Bulge was Germany's last gasp, a desperate attempt to go on the offensive so that they could have some bargaining power in any truce negotiations). Because it was near the end of the war, he was a POW for only about four months, but he dropped to 94 pounds by the time he was released. We are losing those men daily, and every time I meet one, I am awestruck. They truly were the Last Great Generation.

When I walked out of his house, I glanced at his pickup. On the back there was a bumper sticker: "Hatred is not a family value."

Where is Dennis when there is a lesson in humanity to be learned?

Reply by Sylvia_FL on 7/21/05 10:32pm
Msg #53785

I love Reverse Mortgages because you do meet some very interesting people.
I loved the lady who was taking out a RM and she was 90 years old, she had flown her own plane until her 70's and in her 80's her and her sister and driven a Winnebago all over the USA. She was fascinating, and I would never have believed she was 90!

Reply by BrendaTX on 7/22/05 12:04am
Msg #53808

***Because it was near the end of the war, he was a POW for only about four months, but he dropped to 94 pounds by the time he was released. We are losing those men daily, and every time I meet one, I am awestruck. They truly were the Last Great Generation.***

I agree, Hugh. These were truly men and women of honor. To put significant thought into the mettle and character of these people will bring a touch of shame for one's own life no matter how exemplary.

Except for those who have been military men and women in subsequent history, the people of the free world have lived on this generation's untold and insufficiently recognized largesse.

Reply by caroleMI on 7/22/05 6:02am
Msg #53823

They are mor than just the Great Generation, because of them we are free. God Bless Our Troops!!! And God Bless my Dad.

Reply by CarolynCO on 7/22/05 8:15am
Msg #53841

Re: By others may be present ...

are you referring to a loan officer? I only do reverses for one company. The loan officer is always there. I've found that it works out good because he can take the ball and run with it, i.e., he can explain the figures and how they were calculated, etc. He is able to put the older people at ease.

Reply by Mike/NJ on 7/21/05 10:13pm
Msg #53778

I won't do them anymore. The packages are huge and it takes 2 hours or more to get signed. I hope for $50 dollars it's a small package and the people or POA knows what is going on.

Reply by Nd_WA on 7/21/05 11:38pm
Msg #53802

I have done a few RM myself and borrowers were in their 70's. The packages were pretty much the same as a normal refi. I have worked with this particular SS once where I charged $125 for an out of state sales with only a GD and some tax papers. This was only because the seller wanted someone who can speak the same language as his. This SS wants all notarized pages fax back for QC before I can ship the docs.