Posted by Jessica Ward on 12/19/09 10:43am
Msg #314997

reverse mortgages

I got a call last night from an SS to do a reverse mortgage--they say their max payment is $85 because "they really don't take very long." Are you kidding me? No thank you!

Reply by MW/VA on 12/19/09 11:40am
Msg #315006

OMG! With all the money the banks make in fees on RM's. A decent fee is $150.

Reply by Cari on 12/19/09 11:46am
Msg #315008

u got that right MW! n/m

Reply by PAW on 12/19/09 11:59am
Msg #315011

Who said that?

IME, on average, RM's take 50% LONGER than a regular signing. Sometimes even TWICE as long. Who are they kidding? What planet do they live on?

Reply by desktopfull on 12/19/09 12:04pm
Msg #315013

Re: Who said that?

"What planet do they live on?"

The one with the bunch of newbies that will jump on this fee because it's double the $45 fee they are getting for refi's.

Reply by JanetK_CA on 12/19/09 11:30pm
Msg #315075

Re: Who said that?

"Who said that?"

Undoubtedly someone who has never done one...

Reply by Frank/NC on 12/19/09 12:58pm
Msg #315025

Almost every Reverse Mortgage takes 50% longer than an average refi.

Reply by Todd/OH on 12/19/09 5:14pm
Msg #315049

And the paper required - Grr n/m

Reply by Maureen_nh on 12/19/09 10:49pm
Msg #315072

I had a call for a very close by Quicken and took it for a low fee because it was fairly early and borrower had the docs and Quicken are usually quick. Well it got canceled and new schedualer told me it was a reverse. So I asked for $25 more.
Ask for approval
Didn't get it, I wonder if poor girl got hollered at for telling the truth.
Bet she didn't next time.

Reply by Cari on 12/20/09 4:45am
Msg #315086

did a reverse mortgage recently....bo's mother was

there, was questioning every single document he was signing.....can you imagine...he was pretty up there in age and though she was too, she was sharp and just a riot!

I thought the whole thing was amusing at first, but the amusement was shortly shadowed by the fact that it took 2 frickin' hours to close!

Reply by Frank/NC on 12/20/09 12:21pm
Msg #315100

Re: did a reverse mortgage recently....bo's mother was

Cari, I totally agree. Because the reverse mortgage involves older people they seem to have "advisors", children, relatives, etc. there to help them with it. Thus, the advisors want to read everything and ask some of the wildest questions. All in all, get more for them because most times you will be there a long time.