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Posted by PeterL_CA on 5/13/05 7:51pm
Carol-
I've done a few of these. It actually is a rather good tool for people in their "golden years" to get equity out of their home, tax free, and painlessly.
The signings are a PIA. The last one I did was the pkg I kvetched about elsewhere in this forum, that took a toal of 5 hours. That's because people doing revers mortgages are invariably elderly and usually quite infirm. For some of them, just picking up a pen is physically difficult. Actually using the pen, to sign their name a hundred or more times taxes them to the limits of their endurance.
That said, I'll keep doing them, but I now know that there are ways that escrow can draw the docs to minimize the writing for POAs, and I'm insisting on that. If anyone wants to know more about the right way to do this, e-mail me, and I'll put you in touch with one of my favourite escrow officers 
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