Insight into Reverse Mtg. deals, please

[PropertyEconomics]

Elliott is trying to get banned from this thread... and I'd have to ban myself for laughing with him. :laugh:

Pam .. ban me too .. I wanna hang out with the cool people. :new_smile-l:

 

[Smokey Bear]

Me too! Me too!

 

[Kevin Mc]

I don't even have to ask, it just happens.....:icon_mrgreen:

 

[PropertyEconomics]

I don't even have to ask, it just happens.....:icon_mrgreen:

Based upon your prior posts in this thread .. I can see why ....

 

[JTFAPP]

Have not had issues with Rev Mortgage appraisals for the most part. I think as a whole, the LOs are intoxicated with the potential fees on these things. Hey, its none of my business what people make, and dont make, but when they act in the nature described here, you know its likely there intoxicated!

 

[Kevin Mc]

Based upon your prior posts in this thread .. I can see why ....

And the pot called the kettle black :icon_mrgreen:....I've had the same experience James. I have never had issue with reverse mortgages (and those that order them) but there are some very shaky reverse products (non FHA) out there from what I've read. Dealing with MBs for FHA loans is a whole other story.

 

[PropertyEconomics]

And the pot called the kettle black :icon_mrgreen:....I've had the same experience James. I have never had issue with reverse mortgages (and those that order them) but there are some very shaky reverse products (non FHA) out there from what I've read. Dealing with MBs for FHA loans is a whole other story.

Ive never even done a reverse mortgage. So yes Mr. Black ... based upon what Ive read I think you are quite correct.

Mr Pot ....

 

[JSmith43]

Have not had issues with Rev Mortgage appraisals for the most part. I think as a whole, the LOs are intoxicated with the potential fees on these things. Hey, its none of my business what people make, and dont make, but when they act in the nature described here, you know its likely there intoxicated!

James, I can assure you that RM originators do at least 2x the work per file that regular LO's in standard transactions. For goodness sakes, consulting with multiple family members is not uncommon. And, it is generally not a rushed decision. Very deliberate and extended in most cases.

Then there is the post closing customer service where the sometimes forgetful RM borrower forgot to pay taxes and HO insurance since they weren't used to making monthly payments any more. Thankfully, there are provisions to auto pay such items from RM proceeds.

It is much more like a long term consulting assignment blended in with social work. The loan file is more like a social worker's case file. Pity the poor fool that gets into RM for the quick buck.

 

[JTFAPP]

Thanks Mr Mentor, Your right, there are a lot of checks, balances, counseling etc. I have never held an elderly persons hand thru the process, and Im sure its entailed, and frustrating at times, as a lot of the deals are. I have heard LOs using terms and slogans which most I do not want to repeat (taking candy from a baby) is one. My general point is that its still some heavy money, and it makes you crazy. Ill admit, I could not do an LOs job, full stop.

 

[Truett Neathery]

Commercial equipment loans

FWIW, they were also attempting to jump into the commercial side for a brief period. However, those calls stopped nearly a year ago.

I actually had one of those guys ask me to do a comp search on paving equipment!!

TN