Posted by Heather Michaud on 7/23/09 11:45am
Msg #297076

Reverse Mortgage

Good Afternoon,

I have been doing singings for over 5 years now, I am very comfortable.

I have a reverse mortgage signing on Monday, this is something that I am not familiar with. I would like to gather some information. What is the major difference?

Regards,

Reply by Joanne Rezzino on 7/23/09 11:49am
Msg #297078

www.reversemortgage.org I've actually done quite a few, but this site does help you.... It explains what a reverse mortgage is, etc.

Reply by Heather Michaud on 7/23/09 11:56am
Msg #297080

Great! Thank You! Typically, are these large packages?

Reply by Joanne Rezzino on 7/23/09 12:03pm
Msg #297082

Yes, they are. And, I always ask for more $ when doing a reverse mortgage. The process is longer, the people, being elderly, usually take a little longer to sign and the package is always bigger. Usually, by the time you get to the table, they have a good understanding of the reverse mortgage process. If they do not, do not waste your time explaining. I had only one circumstance where the couple really did not understand, so I called the company and told them they had to send someone back out to explain the process to them in more detail. 2 weeks later they rescheduled it and it went smoothly.

Reply by parkerc/ME on 7/23/09 4:27pm
Msg #297140

They can be a smaller package than some regular re-fi's. Just did a Wells Fargo RM this week and total doc pages was 110. I was surprised because I quoted the extra RM fee over the phone, got a relatively short package as RM's go and was at the table for only an hour . . zip, zip, done. Borrower was well informed in advance. Not typical tho', best to quote a higher fee anyway . . and you could be pleasantly surprised!

Reply by PAW on 7/23/09 7:58pm
Msg #297169

Wells RMs are probably the best in the marketplace today. Packages are uniform in content and structure and the borrowers are usually well informed. Most Wells RMs that I've done, I've also had the RMC (Reverse Mortgage Consultant, kinda like a loan officer) there as well.

Reply by John/CT on 7/23/09 4:05pm
Msg #297137

Re: Reverse Mortgage - Another Learning Resource:

http://www.HECMResources.org

Reply by BrendaTx on 7/23/09 8:01pm
Msg #297170

John/Ct - it's the best, IMHO. n/m

Reply by Frank/NC on 7/23/09 8:57pm
Msg #297184

With Reverse Mortgages we are usually dealing with older people who may have difficulty reading and signing the docs. Be prepared for a longer closing with a higher rate of recission.

Reply by Therese on 7/23/09 11:22pm
Msg #297199

Re: ?Higher Rate of Recission

Frank in my area I have had only 2 RMs rescind. I have been signing RMs for 5 years and on Avg. I close approx 8 a week. I would say the rescission rate is low.

Reply by sue_pa on 7/24/09 7:33am
Msg #297210

...we are usually dealing with older people who may have difficulty reading and signing the docs. ...

In my experience, I think that is a grossly unfair generalization. I have found the majority of my reverse mortgage signers have been on the younger side and have NO difficulty reading, comprehending, siging their docs.

"Elderly/older" does not equate to infirm and needy as so many often seem to think. I have several relatives in their upper 70s and 80s and NONE of them need any assistance with anything financial ... they are all still sharp as can be ...

I personally HIGHLY dislike reverses but for reasons other than those generally given on these boards.

Reply by MW/VA on 7/24/09 9:49am
Msg #297228

I also disagree with the "stereo-type" some want to attach to RM's. I've done many, and except for one or two, they handle about the same as a refi. Most that I've done were gov. insured, which meant that the borrowers had to go through the counseling & knew exactly the legal/financial ramifications of the loan were. As Signing Agents, I think it is important that we not take a biased approach to RM's.
IMO these loans do not make "financial victims" of seniors. It is a good product from some, and I've seen many who were greatly helped by the program.

Reply by Therese on 7/24/09 8:39pm
Msg #297341

I would be happy to sign RMs all day long... Best Clients!! n/m