Posted by Kathryn Riley on 4/14/09 12:24am
Msg #284803
Reverse mortgages
Working on three with another coming up when property is appraised. Do many of you do them. At first I did not like them but most of the people who get them really need them. Seems like fees are high. What do any of the others of you think about them?
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Reply by Notary/Guy on 4/14/09 12:38am
Msg #284805
Last week did a Reverse mortgage Purchase...Never heard of this before and it had a 3 day right to cancel in docs. Reverse mortgage fees are a lot higher 8,000 and up the Reverse mortgage Purchase i did broker fee was 6,000 PMI was 12,000.
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Reply by Kathryn Riley on 4/14/09 12:55am
Msg #284807
I usually have to make teo trips (get paid for both, though). Just feel sorry for the peope who have t go this way.
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Reply by GA/Atty on 4/14/09 1:05am
Msg #284811
If they can find a private investor, they can avoid the fees
by selling their house but reserving a life estate for themselves. Of course their kids won't have the option of keeping the house when the owner dies, but otherwise it can be a workable alternative.
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Reply by Sylvia_FL on 4/14/09 6:45am
Msg #284826
Why two trips?
Reverse mortgages is mostly what my SS handles. I have been doing RM's for 10 years, other than the fact that the borrowers are elderly and like to chat a lot of the time, they go fairly quickly. In Florida they have usually gone through RM counseling so they are aware of what they are signing.
The costs are usually high on these. I had been considering a RM myself when Bruce and I were old enough, but decided not to.
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Reply by Carole Breckbill on 4/14/09 10:09am
Msg #284857
Did one the other day for a 92-year-old woman. Her attorney advised her to do this so she could pay back taxes (she was fiesty and insisted on making her own decisions but somehow had not paid taxes) to keep the house from being sold out from under her just for taxes due. I was shocked at how high the fees were. Nevertheless, I think in certain circumstances, they can be a good thing. I am glad this is an option for people who need it.
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