Posted by christiSocal on 1/9/07 10:14pm
Msg #170082

Anyone know a Good reverse mortgage company?

I have a friend who is considering getting one and would like to make sure she gets a good one. TIA

Reply by Sylvia_FL on 1/9/07 10:17pm
Msg #170083

If I was considering a reverse mortgage I would be calling Wells Fargo

Reply by christiSocal on 1/9/07 10:33pm
Msg #170085

Thanks, Sylvia. Your opinion means a lot! I'll tell her that. One good thing about this is, she'll use me for her Notary and I'll get actual experience on a reverse. Yay

Reply by cntrlcalntry on 1/9/07 11:10pm
Msg #170089

Reverse Mortgage of America!

We are an Affiliate of Seattle Mortgage. We are both a direct lender and servicer.
We have a wonderful loan rep. in so. cal who would love to help her.
May I email you my contact information?
Thanks

Reply by Kat Gardner on 1/9/07 11:29pm
Msg #170090

Hi i don't know what area your in so this would make a difference. I work for a lending company and attended a reverse mortgage seminar, our company is venturing into this, but I am in California, and it is very important you deal with someone who is in your State and knows the regulations and rules as it is a FHA regulated program. If you happen to be in Ca, I can refer you to my co-worker, because in addition only specific people can do reverse mortgage as they are highly regulated, although many people do other loans one of the guidelines are they are not suppose to. Anyhow I can also call FHA for you to call for the other states to find out who they endorse if your trying to find out for a family or yourself in a different state. Call me at (805) 264-4585 remember I am only Ca.

Reply by Kat Gardner on 1/9/07 11:29pm
Msg #170091

Hi i don't know what area your in so this would make a difference. I work for a lending company and attended a reverse mortgage seminar, our company is venturing into this, but I am in California, and it is very important you deal with someone who is in your State and knows the regulations and rules as it is a FHA regulated program. If you happen to be in Ca, I can refer you to my co-worker, because in addition only specific people can do reverse mortgage as they are highly regulated, although many people do other loans one of the guidelines are they are not suppose to. Anyhow I can also call FHA for you to call for the other states to find out who they endorse if your trying to find out for a family or yourself in a different state. Call me at (805) 264-4585 remember I am only Ca.

Reply by PAW on 1/10/07 7:09am
Msg #170113

All RM's are not the same. Though all FHA/HUD approved RM's (HECM's) are, except for the service, lender and title fees. Some lenders are self-insuring their reverse mortgages (Countrywide for one) so the federal regulation and limitations are somewhat removed. Investigate different lenders or find a mortgage broker that specializes in reverse mortgages and is affiliated with multiple lenders.

I suggest reviewing this site (http://tinyurl.com/ymwyvt) for information.

Reply by kate_nortca on 1/10/07 9:12am
Msg #170129

I see one mention above of someone who has had reverse mortgage training through their employer. I think that's great. I would happily pay for a seminar on reverse mortgage training if I could find such a thing. Can anyone suggest a source for either online or Northern California training? I have searched the web with effectively no results so far.

Thanks.

Kathryn

Reply by MistarellaFL on 1/10/07 9:24am
Msg #170132

Kathryn, RM training suggestions

Check your local CAMB chapters (California Association of Mortgage Brokers).
They are an awesome educational resource.
I am attending a RM training class in Florida next Tuesday.
They are somewhat expensive, and if cost is a factor for you, consider
purchasing BrendaTX's RM training materials. It is an awesome guide!
Go to TexNotary.com - find link $9.95

Reply by Margaret_FL on 1/10/07 9:48am
Msg #170134

Re: Kathryn, RM training suggestions

One of the companies I work for is sending me to a training class on Monday 1/15 here in Jacksonville, FL,

Reply by MistarellaFL on 1/10/07 9:51am
Msg #170135

Margaret

Are you back into the loan sigings full time again?
I thought you were doing so well with the HUD inspection field.
Sorry if it didn't work out, but we are glad you are back, we missed you!

Reply by Margaret_FL on 1/10/07 11:56am
Msg #170157

Re: Margaret

I never really stopped completely, still did a few here and there but I stopped doing HUD REAC inspections which were all day inspections. HUD out of Washington, DC was a joke. You are an Independent Contractor and have your own business. They cross the line over and over again. HUD sends someone out 6 month after you complete an inspection to do a QA and write you up for things you supposedly missed. Do you know how many things can happen between the time you did the inspection and they do a QA. How do you fight that? So many problems, it just was not worth it to me. I still do the HUD foreclosures from HUD out of Atlanta and I have never had a problem with them in over 4 years. I can do my inspections on Sat/Sun and loan signings during the week.

Reply by Julie/AZ on 1/10/07 11:41am
Msg #170154

American Equity Conversion

They are a division of First Nations Home Finance in San Diego and IMHO, better at educating and responding to the borrower than any other RM company I've signed for. Too many times with the "big" banks, the borrowers complained to me about lack of communication, lack of understanding what the RM is and is not doing for them, and just poor service with high fees in general. Each time I've ever closed for AEC, the borrowers were very well informed, VERY happy with the customer service they received, and the closing fees (especially title) were low, and not cluttered with mysterious junk fees. You can Google "reverse mortgage" and they are one of the top respnses.

Reply by Tess/ME on 1/10/07 9:30pm
Msg #170251

Re: Anyone know a Good reverse mortgage company? How about

Financial Freedom," the reverse mortgage specialists". Just did a Rev. Mtge closing today for them. Their package was smaller than what I am used to with Wells Fargo. Maybe the closing would only take 3 hrs (as mine did today) in lieu of the time it usually takes with the Wells Fargo ones. The only thing I was not happy about is that the borrower had not a "clue" as to the figures which were presented on the HUD statement. Said he hadn't heard from anyone in a while and was wondering if it was going to happen in his lifetime.