Posted by PAW on 10/21/06 4:27pm
Msg #154270

Need the NotRot collective assistance - re: RM's


Please review a RM Presentation that I have completed and provide feedback to me. The presentation is intended for group meetings, primarily with seniors and their families in attendance, to provide information about RM's. You would be surprised (maybe not) how many people do not know about this product.

The presentation is available for viewing on the web. It does require that you use Internet Explorer version 6 or higher to view it. Please remember that the presentation is not intended for users to view on the web, but will be presented at gatherings using a PC and projector. (Graphic loading and "whiting" is an issue with presentations on the web.)

Click this link, http://tinyurl.com/ydb9r3 , to view the presentation. Please email me at Paul-at- PAWfinancial-dot-com. (Change -at- to @ and -dot- to . )

Thank you for your support.

Reply by Stamper_WI on 10/21/06 4:54pm
Msg #154271

Very nice! Everyone that closes Reverse mortgages should take a look at that. Usually when I witness one the same broker is there to answer questions. Thanks Paul!

Reply by Lee/AR on 10/21/06 4:54pm
Msg #154272

Excellent visuals. Only one suggestion: I really don't like the first fancy P because it looks sorta like an L. Toward the end there is another fancy font & I like that one better. Is that picky--or what?
Questioning 'use of proceeds'. And this may be a state-specific thing. In AR, B's have to sign a paper stating that they will NOT use any part of the Proceeds for Financial Planning purposes.

Reply by BrendaTx on 10/21/06 5:06pm
Msg #154275

**In AR, B's have to sign a paper stating that they will NOT use any part of the Proceeds for Financial Planning purposes.**

It's probably federal. Maybe just HECM and Homekeeper loans. Same goes for here in Texas. Same nixing payment for financial planning, I mean.

However, if it is a private company doing the full deal on a rev mort without government backing, I'll bet they can do whatever they please. Just a guess.

Reply by PAW on 10/21/06 5:42pm
Msg #154282

I don't like it either. I'm looking for a different font to use. Thanks for being picky.

The 'use of proceeds' restriction is a lender requirement as far as I know. My understanding is HUD doesn't limit the use, nor does Fannie Mae (Homekeeper), nor Financial Freedom (Cash Account), but the initial lender's program may.

Reply by Leslie_Mo on 10/21/06 6:34pm
Msg #154286

Very informative. I am assuming that since the presentation is done through a PC and projector that the amount of time each slide appears can be adjusted. Some slides I just zIpped through and others I wasn't able to finish reading before the next slide appeared.

Reply by PAW on 10/21/06 7:43pm
Msg #154292

No, it's not a timed presentation but a backdrop presentation in concert with a presenter's script. Of course, I haven't written the script yet, that's next, so the transitions are not timed, but 'clicked'. That allows for audience interaction as necessary.

Thank you for your comment.

Reply by BrendaTx on 10/21/06 5:03pm
Msg #154274

If it is the one I viewed, I think it is great.

Reply by Charles_Ca on 10/21/06 6:26pm
Msg #154284

Have you done any focus group work with this. It doesn't even have to be with the target audience. I would be interested to see how well the visual presentation is received with the font color and the graphics. The target audience's reactions to the fonts, colors and graphics might be interesting.

Reply by Charles_Ca on 10/21/06 6:26pm
Msg #154285

Sorry I meant target audience age range in the last sentence.

Reply by PAW on 10/21/06 7:40pm
Msg #154291

Working on putting one together in a community setting next month. It's going to be the proof in the pudding, so to speak. Thank you for your comments.

Reply by hcampersFL on 10/22/06 4:50am
Msg #154309

I liked the presentation very much. It was informative and would spark an interest in clients looking for more information.
The only thing I didn't care for was at one point the verbiage came in and was bouncing. That was really irritating to the eye. It only did that during one segment that I could see.
I liked the background and the print was very plan and would be easy to read for tired eyes!
Good luck

Reply by MonicaFL on 10/22/06 11:01am
Msg #154344

I have personally closed a lot of RVM's and myself have applied for one. Therefore, I feel qualified to make this suggestion or comment - as you will - The counseling does NOT have to be in person. It can be done over the phone. it just takes sometime about a week to speak with a counselor. You call the number they give you and set an appointment for a phone interview. You must tell the counselor that you need your interview sheet faxed to the company you are working with that same day and give them a fax number. Also, I have found out, that these counselors do couseling for other things besides RVM's. They also counsel people thinking about taking bankruptcy so sometimes it seems (so I have heard) that they might start asking the wrong questions, like, for instance, how much do you spend on shampoo for the month? This is when you have to tell them, very nicely of course, that that has nothing to do with a reverse mortgage counseling. I know this happens because the loan counsultant that I have been working with for both my own rvm and in perfoming closings for her has told me some of the tales that she hears. Just thought I would share this information with you. The presentation looks great. When you are sriting your script I would suggest that you "define specifically" the area where you say that they can get "draws" - Almost all, if not all, of the rvm's that I have closed, the people were advised to use the "credit Line" instead of the "Lump sum" because with the credit line the "draw value" goes up with the value of the house - and we all know that most homes appreciate in value every year - that is why, in the rvm case, they put such a high cap on the 40 year value of the home. I hope you understand what I am saying. If not, please just e-mail me or call me.
Disclaimer: I do not work for any particular reverse mortgage company, and particular real estate company, not am I an attorney nor do I profess to be one. All the above stated material is just my own opinion and/or life experience with such.

Reply by BrendaTx on 10/22/06 11:15am
Msg #154345

Monica - very informative post. Thanks!

Here in Tx, the counselors also do regular credit counseling. And, you are right about the phone counseling. I had wondered if that was a Tx option since ours do vary a little bit...and since we are also short of counselors...so my sources say.

Reply by PAW on 10/22/06 7:34pm
Msg #154365

Re: Monica - very informative post. Thanks!

According to HUD, counseling by an approved counseling agency and counselor, is authorized in one of three ways: (1) face to face (either in home or group session); (2) on the phone (one to one) or (3) video conferencing, though I don't know of anyone doing this yet.

Reply by aatatusko on 10/23/06 1:41pm
Msg #154498

Re: Monica - very informative post. Thanks!

One thing I would add is that BOTH borrowers need to be 62 or older, one thing that confused
me as a lay person in RM field is the need for insurance, to protect someone if their loan
exceeded the value of the property when it was sold ~ towards the end of the presentation
I thought I saw a bullet that stated that that could not happen. Sorry if I missed something,
I only went through it once and pretty quickly. I really liked the presenation.
.

Reply by PAW on 10/23/06 2:00pm
Msg #154506

Re: Monica - very informative post. Thanks!

Correct in that all property owners must be 62 or older.

RM's are non-recourse loans. That is, if the amount paid out exceeds the value of the property upon sale, the estate or owners is not responsible for the difference. That is, the lender can only look to the sale of the property to recover the principal owed. Therefore, no insurance is required, by the 'borrowers' to cover this situation.

Reply by Mia on 10/22/06 12:32pm
Msg #154353

Paul -- check your page 23, second bullet. I think it should be "in", instead of "if".
(I may have read it to fast tho).

Having Blue Type on a Blue Background was a little hard for me to read.

Reply by aatatusko on 10/23/06 3:15pm
Msg #154525

I was confused about the need for MIP, I went back but I don't read
fast enough