Posted by patricia krausen on 8/15/06 3:05am
Msg #138721

reverse mortgage

Has anyone done a reverse mortgage. How much do you charge?

Reply by Ernest__CT on 8/15/06 3:12am
Msg #138722

Plan on a reverse mortgage signing taking from 1 1/2 to 2 1/2 times as long as a regular mortgage signing, then price accordingly.

For me, doing reverse mortgage signings has been rewarding in more than financial ways. The signers usually know exactly what they are doing, are happy to be finishing the process, and have some great stories to tell. Just be patient!

Reply by patricia krausen on 8/15/06 3:25am
Msg #138729

I just started doing reverse mortgages for Financial Heritage. I have also found reverse mortgages to be very rewarding. I mostly do refies for signing Co. Since refies are slowing down, do you have any idea how I could get more reverse mortgages?

Reply by MC_oh on 8/15/06 8:36am
Msg #138740

I do reverse mortgages for two companies and am glad to take them. Most times they go easier than a traditional refinance because the borrower has been counseled and understands what they are signing without me having to explain much. Also they often have a family member at the signing to help out. They don't take me any longer than a refi, and the packages aren't longer, so I don't charge any more for them (from the companies I am familar with).

Of course there could be other experiences with other companies that don't specialize in reverse mort., that you may want to charge half again as much.

Reply by BrendaTx on 8/15/06 9:05am
Msg #138741

If you are good at them, and understand the basic function of the reverse mortgage, then three to five good loan officers asking for you will create a niche business for you which is much more lucrative than the chickenfeed the signing companies are offering.

I know this because I have two high producing LOs and one low/medium producer asking for me to travel as much as 100 miles for them. Yes, I get a good fee for the travel on top of a good fee for my appointment.

My two best LOs feel when I go to the closing they can be confident the bwrs will close and be happy with the entire process. What I am not trying to say is how great I am, but giving you some insight on the business of reverse mortgage appointments. I work anything else around what my best LO's are doing. Their business is growing and so is mine.

I chose to start specializing in reverse mortgages two years ago. It's paid off. I can assure you that I when I am offered $75 to do them and tell them no, my fee is at least twice that much, there is no argument because I have been requested to do the closing.

My base fee would be $xxx anyhow, but I don't lose the signing to a cheaper notary because the title company has already been told to work it out with me and not just any closer.

Take very few of those appointments for the amount of money being offered. Become interested in learning the rev mort business and develop relationships with LOs. The caring ones will ask for the closer who makes their bwrs happy. The jerky LOs don't care. You cannot build an inroad with them. Solicit LOs and you'll find a few great ones to work with over time. It will take time, of course, but that was my chosen business model and marketing plan. It's been good to me.

Reply by Poppy on 8/15/06 10:19am
Msg #138748

Brenda won't plug herself so I will. Click on her profile

go to her website and get a copy of her Reverse Mortgage Booklet... I bought it and if Reverse Mortgages are a route you want to take, her booklet will get you off in the right direction.

Reply by BrendaTx on 8/15/06 11:15am
Msg #138752

Re: Brenda won't plug herself so I will. Click on her profile

Well, thank you Poppy. You made my day.