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Re: Reverse Mortgages
Posted by PeterL_CA of CA on 5/13/05 7:51pm Msg #37647
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 Smiley

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Messages in this Thread
 Reverse Mortgages - Carol_SoCal on 5/13/05 1:01pm
 Re: Reverse Mortgages -  SamIam_CA on 5/13/05 1:12pm
 Not a good choice for family - Melody on 5/13/05 1:20pm
 Re: Reverse Mortgages - Mike/NJ on 5/13/05 1:29pm
 Re: Reverse Mortgages - Sonja on 5/13/05 2:03pm
 Correct re Trustee/Estate. Not quite correct re Medicare. - Melody on 5/13/05 4:22pm
 Re: Correct re Trustee/Estate. Not quite correct re Medicare. - Sonja on 5/13/05 5:34pm
 Re: Correct re Trustee/Estate. Not quite correct re Medicare. -  BrendaTX on 5/13/05 6:28pm
 Re: Correct re Trustee/Estate. Not quite correct re Medicare. - Sonja on 5/13/05 7:00pm
 Re: Correct re Trustee/Estate. Not quite correct re Medicare. - BrendaTX on 5/13/05 7:11pm
 Re: Correct re Trustee/Estate. Not quite correct re Medicare. -  SamIam_CA on 5/13/05 7:21pm
 Thanks, Sam...I should have said: -  BrendaTX on 5/13/05 7:38pm
 Being blunt: -  BrendaTX on 5/13/05 7:54pm
 Re: Being blunt: I think you said it just right n/m -  SamIam_CA on 5/14/05 11:40am
 Re: Correct re Trustee/Estate. Not quite correct re Medicare. - Sonja on 5/13/05 8:00pm
 What started out as questions and exchanges of ... - Ernest_CT on 5/13/05 9:44pm
 Re: What started out as questions and exchanges of ... - Sonja on 5/14/05 11:40am
 Last.... - Sonja on 5/14/05 12:21pm
 Re: Last.... -  BrendaTX on 5/14/05 12:32pm
 Re: Last.... -  SamIam_CA on 5/14/05 12:36pm
 Would you kindly... - Sonja on 5/14/05 1:02pm
 Sam... -  BrendaTX on 5/14/05 1:47pm
 You make perfect sense to me - now go enjoy the weekend! n/m -  SamIam_CA on 5/14/05 2:13pm
 Re: You make perfect sense to me - now go enjoy the weekend! n/m -  BrendaTX on 5/14/05 2:48pm
 As the poster knows... -  BrendaTX on 5/14/05 12:27pm
 Think what you want n/m - Sonja on 5/14/05 1:03pm
 Re: Correct re Trustee/Estate. Not quite correct re Medicare. -  HisHughness on 5/14/05 5:43pm
 Good estate planning tool... - Bobbi in CT on 5/13/05 2:28pm
 Re: Good estate planning tool... - Carol_SoCal on 5/13/05 2:37pm
 Re: Good estate planning tool... - Kevin Ahern on 5/13/05 4:32pm
 No one recommends Reverse Mtg as investment tool ... - Bobbi in CT on 5/13/05 7:17pm
 Re: Reverse Mortgages - PeterL_CA on 5/13/05 7:51pm
 Re: Reverse Mortgages - ERNA_CA on 5/14/05 2:19pm



 
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