Reverse Mortgage fee

I notice the documents for reverse mortgage have increased, file can be as many as 265 pages plus additional 265 for the signer and the top fee offered 115.00??? Anyone run into this situation and if so, what is your take on this fee. I refused the offer and they reassigned the order.

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I only take reverse at $175.00 any thing lower you are working for free.
YOU MUST Figure in mileage, toner, paper, gas, time, supplies or you are working for free. Signing companies are paid well over $500.00 for our work, then offer us pennies on the dollar for the assignment. Thank you for raising the bar & refusing the job. Its the only way we can stop this robbery of OUR MONEY. A phone call to hire a signing agent is NOT; printing loan docs, calling the client, using your gas to get to the signing, your binding clamps, your supplies ie : pens, toner, electricity & more.

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I consider $115 MUCH too low for a reverse mortgage signing with that large a package. However, there will always be notaries who will accept these lowball fees. Don’t sweat it when a company offers this low fee and another notary foolishly accepts it. I say let them waste their time / money / gas, I will be available to do easier signings for a higher fee! :wink:

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$115 is definitely considered low fee for that many pages in a package. Also, the amount on the CD/ALTA that shows the title fees includes other costs such as the title search. If you are working through a service, they usually give you half of what they are charging title. That’s why you see so many LOWBALL offers from signing services. Those notaries that accept the LOWBALL offers will not be in business very long, or will attempt to raise their fees once tax time rolls around and they find out they basically gave money to do the signings instead of earning, especially when they have to buy more supplies don’t have the $$ to pay for them.

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The reverse files are not only large–usually over 200 pages, but the signings take much longer than, for example a standard refi. I have done a few for $150.00 + and have recently raised my fee to $175.00. Will not do it for less because of the hours involved and printing costs. No one should should work for free.

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I won’t do reverse mtgs. for less than $250.00. They take longer, more time because of elderly clients.
Lots of paperwork.

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I am also wondering this, what is a fair fee for a reverse mortgage.

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I’m glad I found this. I am starting out & i got an offer for $85 on a reverse mortgage. I replied that I would take the job for a $200 fee. I am so thankful I didn’t watse my time.

I also request a higher fee and was unassigned from the signing. I hope it doesn’t affect future signings.

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