Posted by LauriecPA on 2/2/06 10:25am
Msg #93321

Are all Reverse mtgs. this bad?

Hi!
I just had my 1st reverse mtg. closing yesterday and it was more or less what I was expecting, but thought I'd give it a try anyway. (Slow week and all!) Since I have no experience with these loans, I always refuse them. The LO was going to be present and the person scheduling thought the exp. would be good for me. When I called to confirm the appt. and was on the phone for 22 min. I knew I was in trouble. I went half an hour early (which was fine w/the BO) to get a head start on the affidavits and stuff, I knew it would be long and wanted to get to my next appt. on time. Even with the LO there it went on for 2 hours. It was one thing after another, ie. the BO was a widow and was refusing to check off that she was unmarried b/c her husband was "still with her". I tried to explain that it might make things more difficult for her to put down that she was married b/c the Title Co. might want her husband there to sign some docs. I am a very patient person, but I am not sure I could handle this on a regular basis!

Reply by Charm_AL on 2/2/06 10:40am
Msg #93329

Laurie, not all r.m.'s are bad. It's a shame that you are turning them away.
Yes, there will always be some problems with borrowers no matter what the pkg.

If you want a sample set of r.m. docs and a training guide, since you mentioned you have no experience with these, just e-m me and I'll send you all the info you need.
You can also take the Well's Fargo course test and become 'certified'. It's really not that much different than regular re-fi's, just extra copies of certain docs and a little patience.

These seniors that are doing these are required to take a counseling session and will most likely have their counselor or LO there to help them along. Normally, it shouldn't take two hours. I think with the baby boomer generation and that we are living longer that this will become a trend for the near future of signings.

Reply by eXpedN_TX on 2/2/06 10:44am
Msg #93332

Got the sample one's from Charm...very helpful!!!!

BrendaTX walked me and my business partner through them. Very helpful SA's. Thanks Charm and BrendaTX!!!

Reply by illnotary on 2/2/06 3:05pm
Msg #93457

Charm... Please forward copy of training manual. Email request sent also. Thanks

Reply by MistarellaFL on 2/2/06 10:40am
Msg #93330

In my experience with HECM's, the brw's have always been well-informed and ready to sign.
Normally, they could be signed quicker than a regular refi, except these elderly folks usually want to visit socially, so I usually plan to be there 1-2 hours when I can.

Reply by Anonymous on 2/2/06 11:02am
Msg #93342

I want to believe that not all reverse mortgage closings are bad, but my track record so far is not great.

The first one was a nice lady that moved here with her husband from Germany. I could nearly tell you her WHOLE life story, but I'll spare you the details. Anyway, she cried nearly the whole time. Her husband had passed away, no kids, family still in Germany... Her story was so sad it nearly made me cry. It took about 2 hours and that was with her financial advisor trying his hardest to keep her on track.

The second one was much better. The borrower was pleasant and well informed so it took no time at all. HOWEVER, she lived in a terrible neighborhood. When I arrived, a drug dealer tried to get in the car with me. Luckily the doors were locked, but it still scared the daylights out of me. By the way, I know he was a drug dealer because he later tried to sell me his stash.

Well, that's my story and I'm sticking to it. Good luck!

Reply by Julie/AZ on 2/2/06 11:07am
Msg #93346

Re: Are all Reverse mtgs. this bad? No...

Usually, my experience with the reverses is quite pleasant, and they are about a quarter of my business; the BO's know pretty much what to expect and usually have few questions. Here, the LO is NOT present, but it hasn't been a problem. They do like to visit, but that can also be a nice change from some of the refi's where the BO's are just rude; I still manage to get out in under an hour even with some chatting. Don't let this one rough signing turn you away from reverses, it's really no different than normal refi's; there will always be one that goes south from time to time.

Reply by Anonymous on 2/2/06 12:09pm
Msg #93373

Re: Are all Reverse mtgs. this bad? No...

They can be painful at times and a little long, and lots of copies of each doc, so I just charge accordingly and have never had a problem getting my fee. Had one yesterday. An 85 year old man, lived alone. He was on oxygen so we had to sign on a little tv table in the living room and I had to kneel on the floor the whole time (hour and a half). He had just had elbow surgery so he had to stop every once in a while. Again, I just charge accordingly.

Reply by Jenny_CA on 2/2/06 1:12pm
Msg #93402

Re: Thought I read there's a cap on RM fees?? n/m

Reply by Anonymous on 2/2/06 1:34pm
Msg #93411

Re: Thought I read there's a cap on RM fees?? n/m

There are no caps here. The HUD shows the broker fee, bank fees, title co fees, recording fees etc. HUD looks pretty much like a refi. I never do email reverses as the lenders I do require 3 copies each of everything. I charge $175 for my county and $200 for other counties that I cover.

Reply by LauriecPA on 2/2/06 1:16pm
Msg #93404

Re: Are all Reverse mtgs. this bad? No...

Thank you for the encourougement! I had "almost" done another one a couple of months back. I had the docs all printed out and the BO decided she was no longer available at the time that was scheduled and I wasn't avail. at the time she wanted, so I had to cancel. I had spent so much time with her calling me and telling me her stories that I said "no" to all of the calls I've had for them since! Even after I told her I wasn't going to be the notary attending, she continued to call me to see what was happening. Then, I had this one yesterday, telling me her life story on the conf. call and 2 hours at the house with the LO present. I figured if I ever had to do one myself I'd be there for 4 hours!
I appreciate the offer for help, Charm, I'll email you for sure! (I got a packet of info from the LO yesterday, too.)

Reply by CarolynCO on 2/2/06 2:32pm
Msg #93439

Re: Are all Reverse mtgs. this bad? No...

I always plan 2 - 2-1/2 hours. Mine are always with the same TC and LO is always present. He chits chats quite a bit with them, earning their confidence and trust. They've all been very pleasant experiences, except for my first. The guy didn't trust the figures on the paper and had to refigure *each* and *every* figure with pencil and paper, because he didn't trust calculators either.