Posted by MonicaFL on 3/25/10 7:04pm
Msg #329025
RVM Loan App
Yesterday I received a call to handle a reverse mortgage loan application. Was told it was only about 60 pages and the pay is $40.00 However, we pay $100.00 for the actual closing of the loan. A Reverse Mortgage for $100.00 GIVE ME A BREAK. When I told them what my fee for each was - was told, oh no, we can't do that. I said thank you and hung up. Just wish I could remember the name of the company who called me.
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Reply by Grammyzoom on 3/25/10 7:50pm
Msg #329032
I love doing Reverse Mortgages and find them much easier than FHA loans so do not charge anymore for them than any other loan.
After doing probably about the first10 of them I realized that you do not explain these loans at all. When I go into the homes now the first thing I tell the borrowers when we are ready to sign, is that I will not be giving them any information about their loan.
I do this because I know how much information they have already been provided. Between the counceling sessions and the detailed informtion given to them by their LO, I only confuse them. So, this is one loan that is a point and sign. Since my first Reverse I have probably done over 150 of them and not once had a problem.
Yes they sometimes do take a little longer depending on the age and condition of the borrowers but so many times these folks are really lonely and enjoy the company. I figure that one day that could be me and I would hope someone would be kind enough to spend some time with me even if they did not have to. I just add a little time to my schedule.
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Reply by PAW on 3/26/10 7:20am
Msg #329056
This is so dependent on who the lender is. I have been to many RM closings where the homeowners were so informed, they were telling me what it all was about. On the other hand, I've been to quite a few that the borrowers didn't know anything about the details, nor what paperwork they would be looking at.
IMO, more often than not, the RM Counseling boarders on being a joke, especially when the 'interview' is being done over the phone and under 15 minutes of time. There just isn't any way the elder homeowners could grasp the concept and absorb the details.
As a rule of thumb, I always plan for at least 1½ hours of table time with the homeowners. Quite often, especially with two seniors, it takes a bit more. Not too often does it take less, but that's primarily because I take my time going through the papers to ensure the homeowners fully grasp the ramifications, conditions and numbers associated with the RM.
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