Would it be unwise to accept a reverse mortgage for my first loan signing?
A reverse mortgage was one of my first signings, and I wish I did more of them.
Thank you. I read a blog post on another site that made it seem as if I would need special training on them.
I did train on reverse mortgages after my first one, and it was very helpful.
I’ve done a few but the last one that I did took 3 hours with an elderly woman. The pay I received for over 200 pages for signature and client wasn’t worth the time and trouble.
That’s what I wondered about when the offer came through for $75 then was sent out repeatedly until the amount reached $100. Must be why nobody took the assignment. It was also a late evening appointment and wasn’t in the safest area. Thanks.
$125/$150 is minimum base fee for RMs…whether application or final. Add travel fee. They are large packages and the signers are elderly and some, but by no means all, take forever. You generally have to collect a bunch of documentation from the B and send it back with the Application documents. Many require faxing.a considerable amount back & waiting for approval to drop. That’s more money for more work. Other than that, they are fairly easy as these folks have been counseled and know (probably) more than you about their RM.
Thanks. I definitely don’t want to take that kind of signing for such a low fee.
They do take some time to do and a higher fee is warranted. I think I did my first one for $75 but countered after that. I think I got $100 to $150 for the ones I have completed. One time only did I have to fax anything back.
You can always counter-offer too.
Thank you. I will try to counter next time. It was through an app.
Even if it’s through an app, you may be able to call and do a counter-offer.
I will do try that. Thanks!
I do many reverse signings and my minimum is $200! And I get it!
I agree, most of the reverse signings I have done are time consuming and I have gotten anywhere from $125-$150.
It’s neither wise nor unwise. Signings for reverse mortgages are the same as any other signing. The differences are in how loan officers and escrow process them and the requirements of government. The current issue is whether the properties will pass in order to be funded. Most of them are very old and not in the best of shape. You can make a pretty good estimate of whether the property will fund just by looking at it. But…that’s only one issue. Don’t be afraid of the type of mortgage - research the signing service, escrow company or the title company whose supposed to pay you!
I’m not afraid of the type of signing. I didn’t want to accept a signing that would be more time consuming or more tedious than other types of signings without receiving pay that is worthy of the work involved, especially for my first signing. I remember reading a post or blog with complaints about a RM. I just wondered why these loans take much longer and I was given the info needed from the replies here. Thanks.
Thank you. I will make sure the amount I’m paid is worth it, the fee I was offered was much too low IMO.
You already sound like a person that will always make good decisions for yourself.
This is a number of days since the original question, but a new posting on NotaryRotary about HECM loans (Reverse Mortgage Home Equity Line of Credit), explaining features of this type of loan is posted in Msg #586907. Today, Nov. 25, the message should be on the first page, otherwise, go to search and just type in the message number. These types of loans are just a little bit different from a non-line of credit RM, but the information applies, for the most part, to both types. One important note for those not familiar with Reverse Mortgage loans, there will be a HUD Settlement Statement instead of a CD. And, there is a FHA form that is part of the application, that needs signatures near the top and also at the bottom on the second page. Just look from the top to the bottom of each page for blanks that need to be filled in, places to sign and/or initial.