I just got an offer for reverse mortgage. Really low
I countered eith a comment about experience of anyone accepting that fee. 2 loans, 2 hours. 600 pages of printing. Just an FYI.
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What did they offer? Who was the company? I don’t do reverse mortgages. These take advantage of older people.
I’ll take a dollar per page
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I will not handle Reverse Mortgages. My time is too valuable.
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And, now, from the Comedy Corner:
Yesterday a blast offer went out via Snapdocs for a reverse WITH SCANBACKS for (drumroll, please)… $75!!! I countered with $175 (which, seriously, was still too low) and, of course, never heard back. Can you imagine? $75??? WTH?
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Hi, I don’t understand why was 2 loans? as far as I know Reverse Mortgage is an FHA loan, and lender will never accept a second loan.
They are insane. I won’t do reverse mortgages unless they’re willing to pay a minimum of $300 that’s without scanbacks and if they need a Spanish speaker that adds an additional fee. My time is money and I’m not sitting for 2+ hours for less. Sorry SS of course I don’t get the signing but I’m okay that’s why I price myself out. Who is doing these reverse mortgages for $75? An insane newbie is my guess.
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$75.00 is an absolute insult for a reverse mortgage! And that’s what I would reply to them!!
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I wanted to, but I try to maintain a businesslike demeanor. Never know who’s reading my posts.
It’s more like 250 pages, bc you only print once. You’ll return about 130 pages.
Reverse Mortgages used to net about $100.00, and then I’d only scan back the supporting docs, about 15 pages w/IDs.
Be mindful of the distance, as it can erase the your profit (reason).
I don’t get many reverse mortgage application opportunities; and I won’t take take them for under $100. Period.
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Reverse mortgages are 2 loans. The first one is for a percentage of the appraised value that allows the homeowner to take out cash. The second mortgage encumbers the property to twice the value. This is to prevent any other loans behind the first. Since homeowners are allowed to not make payments, the loan balance increases and, in some cases, it may exceed the value. If the loan does notcl exceed the value, and it bec o mes timevto sell, the equity does go to the estate. If loan balance exceeds the value, then HUD takes the property and there is no further demand on any estste assets.
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Yes, that is also my understanding. Too much of a hassle and I don’t want to be a party to an older person getting cheated.
Some of the remarks are so heart warming.
My minimum for Reverse Mortgages is $250. I have been certified for these type of mortgages and always ask client if they have received instruction for the signing. 99% said yes and went through several training courses. Reverse Mortgages don’t always take advantage of people. Example lady in her 70’s had no bills, $1 million dollar home, no relatives, renovating her home for her aging self. She wanted to travel and take a few cruises. To me this worked for her needs. After she passes she was donating home to charity. She was a very sweet active lady and time to pamper herself.
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Everyone i have done is about 300 pages and i have to leave a copy with the customer, scan back and FedEx. With instructions, it is just over 600 pages. Im glad you get decent pay and its good to get trained. I was once called on a last minute reverse closing. The signer spoke little english, was older, but his son interpreted for him. Dad understood english, but did not speak it. They went through the signing pretty quickly. Son finally said i was the 4th notary to present the package.
Lesson here, get some training. Find a Realtor and ask if they can get you in a class. In our state, real estate agents are required to take continuing education to maintain their license. Different types of lending classes often qualify. A good local lender can also provide information.
BTW, im a real estate agent with 40 years of experience.
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Sounds like what I got, but $65!!
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