Posted by Brasring_Ca on 11/8/05 2:53pm
Msg #75134

Reverse Mortgage Question after using search.....

I have searched and read a lot of information regarding the reverse mortgages and opinions of good or bad but my question did not get answered and I was hoping someone who has done them could answer.

Are they any more or less difficult paperwise and notarizationwise to perform? Do they take about the same time as an average signing for refi and purchase would? Last but not least, is the pay for these types of loans any different or about the same?

Thank you for your help!

Reply by Julie Stirnitzke on 11/8/05 3:01pm
Msg #75139

I have done many, and they have all been from Wells Fargo. Generally, they are nothing more to deal with paperwork-wise, and do not have a lot of notarizations. That being said, I have also done a few that were on the larger side for number of pages. In all honesty, a reverse mortgage can take a bit more time as you are always dealing with older folks who may or may not have physical limitations that may slow the signing, but at the same time, without exception (so far) they are always very nice people. Rates are something you must decide for yourself, but from what I've experienced, it should be more than a basic refi, given the potential time the signing may take.

Reply by Beth/MD on 11/8/05 3:03pm
Msg #75140

I, too, have done Wells Fargo. Not very complicated. Not a lot of extra paperwork. Pretty much have to agree with everything Julie said. Ditto here.

Reply by Charm_AL on 11/8/05 3:04pm
Msg #75141

I've done reverses....

They are no more difficult than an average re-fi, a few differences. They should take the same time as an average signing, but can be longer due to the fact that you are dealing with seniors and they may require more explanation of docs, although one of the requirements of this type of loan is that they go to a 'counseling session' to learn about what they are doing. The pay is the same. If you want to see a pkg, e-mail me and I'll send you the Wells Fargo training site to become certified as well.

Reply by Roxane Logan on 11/8/05 3:38pm
Msg #75147

To Charm_AL

As I have'nt experienced a reverse mortgage, I would appreciate checking out the Wells Fargo training site, any further education is always a plus. If you can send it to me, I'd sure appreciate it. Thanks in advance.

rlogan ca

Reply by Brasring_Ca on 11/8/05 4:06pm
Msg #75152

Re: To Charm_AL

Thank you for all of your information and help. I will take you up on your offer charm as I am always eager to learn more! Thank you to everyone here! Jenifer

Reply by MaggieMae_CA on 11/8/05 4:20pm
Msg #75157

To Charm

I have emailed you asking for the training site as well. Hope you don't mind.

Reply by srnotary_CA on 11/8/05 4:35pm
Msg #75160

Charm if you don't mind please email me the site as well n/m

Reply by Carol Gregory on 11/8/05 5:29pm
Msg #75169

Re: Charm if you don't mind please email me the site as well n/m

How do I get your e-mail? TIA

Reply by Charm_AL on 11/9/05 8:03am
Msg #75297

Carol and Rosy...

Sorry, I forgot to link my profile for those that don't know my e-mail address. I'm sending the other's requests now.

Reply by RosyPosy on 11/8/05 5:32pm
Msg #75170

Hi Charm, Just read your post on reverse mortgage. If you don't mind would you please send me the website also for Wells Fargo. Thanks RosyPosy/TX

Reply by MonicaFL on 11/9/05 5:28am
Msg #75271

I have done about 10 of these and I have found them to be basically the same as a regular refi except there are fewer pages. (I am comparing this to the 75-120 page documents that I usually get for a refi). and either I get the docs overnighted to me or the Loan officer has them. I have never, yet anyway, had to print them out. I have also had the pleasure of having the loan officer present to answer any questions that may arise. I always ask the Loan Officer if he/she wants to handling the closing and the last one I did the loan officer actually did and I just notarized it as we went along. Then, I checked my work and asked the Loan officer to re-check it just to make sure we had all of the bases covered. Then I took the package and sent it off. It only takes about 30 minutes (unless the loan officer gets windy - but haven't had that happen yet but I suppose it will sometime in the future). These loans are pretty cut and dry. I am even considering a reverse mortgage myself. Hope this helps.