Posted by KellyG/CA on 10/2/10 9:56pm
Msg #355189

Reverse Mortgages in CA

I am a signing agent but up until now I have never signed a reverse mortgage. Can anyone tell me what the differences are between them and a regular refi?

Reply by jba/fl on 10/3/10 12:44am
Msg #355196

kelly - you know how your parents always said

"Look it up, you will remember it better"?

Press the Orange Search button and search for Reverse Mortgages. You will find that this question has been answered over and over and over again. You will remember if you look it up. If someone else tells you, you may forget.

Do yourself a favor....look it up.

PS: Before you attack, this is helpful. Since you do not have a RM signing scheduled yet, you need to do your own homework. This is the best advice I will ever be able to give you.

Reply by Philip Johnson on 10/3/10 12:44am
Msg #355197

45 Minutes normally and

in my experience a look of satisfaction on the borrowers part to rid themselves of an obligation.

Reply by 101livescan on 10/3/10 10:30am
Msg #355213

These take longer, go through the package and make sure you identify all signature lines for the borrower before you arrive for the signing, usually takes 45 minutes. If the borrower is frail, it will take as long as it takes. Allow enough time. My own experience is that these folks are retired, they think you are too. Ha Ha. They tend to get off track and tell you stories which are great if you have the time. Before you arrive at the appt, give them a call and let them know you are on the descent, and remind them you will be asking to see their identification before the signing, and remind them of the time required so they are prepared. Make sure you have the loan officer's cell phone and the escrow company's phone# with you in the event there are questions. No way should you attempt to explain anything about these products other than to identify the forms in the package.

Reply by kathy/ca on 10/3/10 11:59am
Msg #355219

I like doing RM's, they take time but they are worth it. Giv

yourself plenty of time, but they are not that much different than any other loans. I do charge more as they can take up to twice as long to do. The folks you deal with typically are so happy to see you, not only because you are there to help them with their financial situation but they love the company. Bless their hearts!!

Reply by taxpro on 10/4/10 1:38pm
Msg #355350

Try these links for an overview of reverse mortgages:

http://www.hud.gov/offices/hsg/sfh/hecm/rmtopten.cfm

or

http://www.reversemortgage.org/AboutReverseMortgages/ReverseMortgageQA/tabid/230/Default.aspx

Borrowers must be counseled before signing for a reverse mortgage, and the last one I did went very smoothly because the borrower understood the RM very well. The signings may take longer if your elderly borrower has a hard time signing his or her name, but otherwise I haven't had any problems.