Posted by Dennis D Broadbooks on 7/2/07 1:02pm
Msg #198157

WSB Reverse Mortgage, Inc

I've a friend who has been approached by this company to sell reverse mortgages to our older generation. They've represented to him that he doesn't need to be licensed in order to sell this product in Missouri & he can make $2,500+ per sale. What are the downsides to this type of selling & would anyone know if it's true you don't need any kind of license to peddle reverse mortgages? Here's a link to the company web site:

http://www.reversemortgage4u.com/.

Like a lot of other ventures being offered today, I have initial doubts as to the veracity of this company's claims. TIA for any & all feedback!

Reply by PAW on 7/2/07 1:27pm
Msg #198165

True. And it isn't limited to Rev Mtg either. A lender can hire loan officers (not brokers) to peddle their wares, as loan officers in most states do not need their own license. The lender holds the license. The Missouri Division of Finance regulates brokers and loan officers. According to their licensing requirements, loan officers are not required to be licensed. If you have any questions, give 'em a jingle.

Mortgage Broker Section
Division of Finance
301 West High Street, Room 630
P.O. Box 716
Jefferson City, MO 65102-0716
Ph: (573) 751-3242
Section Ph: (573) 751-4243
Fax: (573) 751-9192

Reply by Dennis D Broadbooks on 7/2/07 1:30pm
Msg #198168

Thanks, Paul...

...any thoughts about the selling of the reverse mortgage product itself?

Reply by PAW on 7/2/07 1:35pm
Msg #198171

Re: Thanks, Paul...

With many lenders who offer both forward and reverse mortgages, they separate them. So there are loan officers for the forward side and loan officers on the reverse side. Basic training is required for both, but specialized training is also required. That's why often you will see two distinct and separate groups for the same lender. Wells Fargo actually has a separate subsidary under Wells Fargo Home Mortgage, strictly for the Reverse Mortgage products.

Be aware there are different products available, all called Reverse Mortgages, offered by different lenders.

Reply by Michael/FL on 7/2/07 2:40pm
Msg #198186

Re: Thanks, Paul...

To sell Reverse Mortgages is pretty much like a sales technique. Make sure the borrower (owner of the home) realizes how it can benifit them. Pretty much they are using the equity in their home but instead it is paid to them each month. It's not due until the home is sold too! What a deal right?! SOmething along those lines though.