Posted by cassiewi on 6/27/07 8:02pm
Msg #197305

Did my first reverse mortgage today..

It wasn't that bad. A little longer, and I did have to go over a few things with the title company, but other than that it was good. The borrowers were very well informed and had no real questions. But they were also only 62. I was also upfront with the hiring company that I had not done one previously.

Reply by ZeeCA on 6/27/07 8:04pm
Msg #197306

WUHU, congrats!

Reply by cassiewi on 6/27/07 8:08pm
Msg #197308

Thanks :) n/m

Reply by Charles_Ca on 6/27/07 8:17pm
Msg #197310

Re: Did my first reverse mortgage today..I believe that RMs

are a growing area of the loan business. I don't do them, they make me come face to face with my own mortality and it makes me sad. These people are well disclosed and well educated about the RM but the real sad part for me is that they accept that this may be their last real estate transaction. I am sure that you will do well 'cause I know you are compassionate and that is what it takes. With the first of the Baby Boomers hitting 60 this year the bule is coming and business will continue to grow. Good luck to you!

Reply by Lee/AR on 6/27/07 8:31pm
Msg #197318

Re: Did my first reverse mortgage today..I believe that RMs

Charles... do a few. You'll never meet nicer people than while doing an RM. These are about the only places that I do accept food & drink. They've made such an effort, it would be unkind to refuse. Brownies & lemonade or iced tea abound. Plus they have such interesting stories to tell. Plan for more time and relax & enjoy. (I know that's unbusinesslike, but it's a welcome relief every now & then.)

Reply by Charles_Ca on 6/27/07 8:45pm
Msg #197329

I've done a couple and you are absolutely right...

they are some of the nicest, kindest, most generous people I have run into, I just find it tugs a bit at the heartstrings. I shouldn't say that people will think I have a heart which of course anyone who know me knows that I don't. After all I just hang around fora eviscerating newbies every chance I get How's Biz?

Reply by Lee/AR on 6/27/07 9:28pm
Msg #197339

Re: I've done a couple and you are absolutely right...

Well, if every day were like yesterday, I'd have a 200k year. In other words, it was the best single day in 14 years. Go figure~~I sure can't.

Reply by cassiewi on 6/27/07 8:32pm
Msg #197324

Re: Did my first reverse mortgage today..I believe that RMs

Oh Charles, don't think about that. You'll be annoying people here for a long time yet . I'll be more comfortable accepting them from now on. And thanks for the kind words.

Reply by Jacqueline Dyson on 6/27/07 9:28pm
Msg #197338

Re: Did my first reverse mortgage today..I believe that RMs

Congratulations to you. RM's are my main business line. I travel around with the LO's when closings are in my service areas. Most LO's attend closings and it has been fun building relationships with the LO's. And yes, the borrowers are great! I have been invited to jazz sessions, barbecues, membership resort campsites, luncheons and fashion shows. The borrowers always make sure they get my card for future notary work. Another reason I love the RM business... docs are usually sent directly to the borrowers. No edocs or printing and the pay is always greater!

Reply by jojo_MN on 6/27/07 11:37pm
Msg #197352

Re: Did my first reverse mortgage today..I believe that RMs

I've never had them sent to borrowers. Always e-docs and HUGE packages. You are all so right though. The borrowers have all been wonderful, as well as the loan officers when they were present.

Reply by Joan Bergstrom on 6/28/07 12:54am
Msg #197362

Re: Did my first reverse mortgage today..I believe that RMs

All of the these loans I have done, the loan officer, has always been at the signing.

I thought a loan officer had to be at the signing? I guess not, if loan signers have signed them without a loan officer present.
I've only done approx 10 and most of them I had to print the docs.

Reply by Jacqueline Dyson on 6/28/07 1:16am
Msg #197365

Re: Did my first reverse mortgage today..I believe that RMs

Joan, according to my LO's it is not a requirement to attend. They want to provide excellent customer service, and they do. My LO's also visit the borrower's home during the initial phase and assist with the application process. I have seen LO's go beyond the scope. I have never printed docs. The Title company handles this product with hands on. They print docs and forward via courier to the borrower. In a few cases the courier has arrived at the same time of our arrival. My RM mentor covers a large territory. He has closed over 3,000 loans and at present time, RM's is the only work he is saying yes too. He is very, very busy!

Reply by jba/fl on 6/28/07 1:43am
Msg #197368

Charles - you will love them!

They are my favorite - I'm old, and I get to be with others my age and am whisked away to gentler times. Gracious Southern hospitality and all the other great things others have posted are truths to enjoy and behold.
I've only had one time that LO did not show, but she called every 15 mins to check w/bor that bor understood, any questions? etc. Most of mine have been w/one LO who is mentoring me so that I can become broker on these. And - I always leave feeling that I have done something positive that day, that I have really helped to make a difference in relieving burdens from my bors. Sometimes entire families are there, and the kids (adult of course) are so relieved as well and celebrations ensue.
Also, this may not be their last RE transaction - I've done 2 couples who were on their second one, same house. For me, much more exciting, rewarding field. Learn more...check them out! Good luck.

Reply by Joan Bergstrom on 6/28/07 1:54am
Msg #197370

They have all been positive a experiences for me

Now that I remember all the Reverse loans I have done over the last 2 years have been Wells Fargo and maybe they require a loan officer to be present?

Every signing I have done has been a good signing and in CA these loans are estimated to be 20% of the entire Reverse Mortgage business in the US.

Reply by BrendaTx on 6/28/07 5:58am
Msg #197379

Re: They have all been positive a experiences for me

Joan, In Texas the WF RMs don't require a loan officer to be present but they like to be there. It is a great opportunity to become the one they like to hire.

Reply by Margaret_FL on 6/28/07 7:27am
Msg #197385

Re: They have all been positive a experiences for me

I loved them so much, I became a loan officer for RM's only. I do a couple of loan apps a week and I do
show up at the closing, the company I work for pays me to go to the closings. There is a notary doing the closing. I also do just the applications for another compnay and get a flat fee whether the loan goes through or not. I also do the closings for loans that are not mine. Besides inspections, these are the only loans I do. The compensation is amazing and well worth the time you spend. The compensation is based on the origination fee of 2% of the value of the home. I take the app, order the appraisal, surveys, make sure all stipulations are met and questions answered. I even took a borrower to get a picture ID. Their drivers license had expired years ago and they needed a picture ID. I have made a lot of friends and really enjoy doing this type of loan. I have two that are closing this Friday and 2 on Monday. It's only daytime work, I usually have 2 appointments a day and I still am able to do my foreclosure inspections. I love it.

Reply by Marinna/FL on 6/28/07 7:29am
Msg #197386

Agree 100% with Charles

It can be a wonderful thing for many senior adults, including my mother. When my father passed two years ago, the pension they were receiving decreased significantly as did some of the other monthly income. Barely able to make ends meet, and looking at all options available, a reverse mortgage was the answer to her prayers, literally. She closed on her RM several months ago, and the independence she feels and security of knowing she can remain in her house, mortgage free for the rest of her life has lifted her spirits and given her peace of mind. In addition, she is able to tile her floors, get a landscaper for her yard, and some new comfortable living room furniture, which she never thought she'd be able to afford. It's not for everyone, but definitely a great financial tool for many. Many people today wince at the idea of a RM, and if asked what they know about one, they have only hearsay information that is not exactly accurate. Education on this product is slowly, but more widely being shared in the communities than ever before, and as our seniors and baby boomers become more knowledgeable on a RM, you will see this product grow tremendously.