Posted by Leslie P Robinson on 10/9/06 8:11pm
Msg #151261

HELP-Need Response ASAP

I received a call today from a company doing reverse mortgages, looking for notaries to meet with borrowers when first filling out application for reverse mortgates. Seems like a great way to make some extra money, almost too good. Anyone on here hear about them? Financial Heritage is the name of the company and the website is fhreverse.com. Don't want to send in my personal info if this is some kind of scam. Also, what is an I9? I know what a W-9 is, and a 1099, but never heard of an I-9, which is one of the items they ask for as part of the application process.

Thanks for any and all responses.

Leslie/NY

Reply by Charles_Ca on 10/9/06 8:16pm
Msg #151263

Re: HELP-Need Response ASAP The I-9 is an immigration form

to verify documentation that you are legally in the US and is used primariloy by employers. Are these people employing you rather than using you as an independant contractor. I have taken applications for loan officers and it has always been quick and easy work with little risk and then usually they give you the closing also at the end. I have never heard of the company and I am really curious about the I-9.

Reply by Charles_Ca on 10/9/06 8:18pm
Msg #151265

Sorry, I mis-spoke (if presidents can so can I) and I9 is an

IRS form not an immigration form but it does aks for 2 documents to prove you are in the US legally, its usually satisfied by drivers' license and Social Security card, both of which are readily purchased.

Reply by BrendaTx on 10/9/06 8:25pm
Msg #151271

Re: Sorry, I mis-spoke (if presidents can so can I) and I9 is an

I knew you'd figure out your error. That's why I just jumped in and explained below what I knew about this company.

Reply by BrendaTx on 10/9/06 8:23pm
Msg #151270

Re: HELP-Need Response ASAP The I-9 is an immigration form

Charles, I have read/heard somewhere that they do "employ" rather than contract with the notary. I am not interested in these appointments b/c I am not sure I could be called to go do the closings post info collection.

I'd rather do the signing. I feel it's honest work for people, but I don't want to do it myself.

Reply by Charles_Ca on 10/9/06 8:32pm
Msg #151275

I don't know the company and I didn't know that they

actually employed the notary, I wouldn't do it. I do take applictions but I get a reasonable price for the work and I won't travel outside my immediate area for it. I usually takes me less than 10 minutes to complete an initial loan ap.

Reply by Charles_Ca on 10/9/06 8:33pm
Msg #151276

I don't know the company and I didn't know that they

actually employed the notary, I wouldn't do it. I do take applictions but I get a reasonable price for the work and I won't travel outside my immediate area for it. I usually takes me less than 10 minutes to complete an initial loan ap. I guess I don't understand why you would consider taking the loan ap dishonest.

Reply by Charles_Ca on 10/9/06 8:36pm
Msg #151278

DOH! Brenda! I guess I need to go to remedial reading....

I missed the part about reverse mortgages. No, I would not do them because, well you know how I feel about reverse mortgages!

Reply by John_NorCal on 10/9/06 10:12pm
Msg #151300

Charles

>>>well you know how I feel about reverse mortgages!<<<
Would you care to elaborate on this? I'm interested in your thoughts, you can contact me off the board if you prefer.

Reply by Charles_Ca on 10/10/06 11:31am
Msg #151390

Re: Charles - Not a problem John, I've said it on the board

before. I personally don't like reverse mrotgages (keyword, personally). I know that they are perfectly legal and that there are substantial safeguards built in. One of the reasons of all the up-front disclaimers is that there are inherent risks. We are very fortunate to live in an area where property investment is about as sure as anything can be. I just wouldn't feel comfortable with one myself and because of that I certainly don't feel comfortable enough to recommend one to anyone. I have had a couple of requests for them and I prefer to refer them to someone who specializes in them. I just don't find them to be a sound financial strategy, maybe I'm just a control freak.

Reply by ML/PA on 10/9/06 8:19pm
Msg #151266

They are legitimate. I do work for them occasionally. You are considered an employee if you agree to take assignments from them. It was explained to me when I asked why they needed all the info and I did agree to it.

Reply by Ernest__CT on 10/9/06 8:28pm
Msg #151273

Reverse Mortgage applications ...

... can be a source of revenue. Just be aware that they take time. (Don't say "Duh!" Stay with me here.) Because most of the people taking out Reverse Mortgages are ... umm ... older, they may need to chat with you while you help them fill out the paperwork. The signers may be emotional. You have to keep in mind that they are effectively selling their homes. Beware of answering questions that you have no legal right to answer and/or have no solid information to answer. You will NOT be the Loan Officer!

I've found it a pleasure to do Reverse Mortgages, and find that they take much more time than straight refinancings. By the time the signers get to the closing they are the best-informed signers you'll meet.

Reply by Linda_H/FL on 10/9/06 9:53pm
Msg #151297

Re: "The signers may be emotional. You have to keep in ...

mind that they are effectively selling their homes". How so?

Reply by Stamper_WI on 10/10/06 7:16am
Msg #151327

Re: "The signers may be emotional. You have to keep in ...

So far, the reverse mortgages I have done were to generate income for the person. Most were ill or semi disabled by the usual aging process. They get income from the equity in their home on a monthly basis. Inevitably, they are greatly relieved by this option. They get to stay in their homes and income to help pay their bills.

Reply by BarbaraL_CA on 10/9/06 8:37pm
Msg #151280

The website you referenced looks like a training site for Financial Heritage Loan Officers.
It looks like the "main" site is: http://www.financialheritage.net/

Same web background stuff.
Matter of fact, they are here in San Diego and belong to the SD BBB.
http://www.sd.bbb.org/commonreport.html?bid=1061204&language=1

Reply by SvetSFBay on 10/9/06 8:41pm
Msg #151285

Leslie, here's a link to the form if you haven't seen it before:

http://www.uscis.gov/graphics/formsfee/forms/i-9.htm

Lana

Reply by Leslie_Mo on 10/10/06 12:49am
Msg #151308

I've done one reverse mortgage application for Financial Heritage but look forward to doing more. So far, I've done 3 or 4 few reverse mortgage signings but actually liked the application process better. The lady I was "helping" was a real hoot and I thoroughly enjoyed talking to her so maybe it was just the borrower in this case. Either way, I do think that you need to allow plenty of time for a reverse mortgage or the application process because although the borrower only needs to be 62 to get a reverse mortgage, the people I've had appointments with have been mid 70's - 80's and don't move along as fast as someone younger.

Reply by Larry/Ca on 10/10/06 2:20am
Msg #151310

I don't much like.....

the applications. They seem like a lot of "borrower information sheets" and they don't pay much. I'd rather sign the loan. I always have the borrower fill in the borrower information sheet last. While they are trying to figure out where they have lived, worked and who they have been married to, I can review the whole package.

Reply by Leslie P Robinson on 10/10/06 10:19am
Msg #151361

Hi Leslie, this is Leslie :-)

Thanks for the response to my post. I've done Reverse Mortgages before, but wanted some reassurance that Financial Heritage is a bonafide company before sending all my personal info to them!

Thanks again, to you and everyone that responded to my post, it/they were a big help.

Reply by Ilona_OH on 10/10/06 1:45pm
Msg #151416

They paid me straight into the checking account .It did

take sometime but one day there it was. The work was easy and the people nice to work with.