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 Question of the day
 Question 15 - Reverse Mortgages
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CMatisse

North Carolina
9 Posts

Posted - 10/15/2015 :  07:28:11 AM  Show Profile  Reply with Quote
2 questions for seasoned RM closers...

What is the purpose of the Home Equity Conversion Adjustable Rate Mortgage Payment Plan?
I know it is NOT a payment plan. Also on this doc is the question “Was the expected average mortgage interest rate locked?" It may be answered "YES“, which does NOT mean it is locked, but has limits set – something like “can go up no more than 2 points each year – and no more than 5 points in total.” This doc is difficult to explain when I don't know its purpose.

On the Choice of Insurance Option, what does "[lender name] chooses the Assignment Insurance Option" mean?

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jdavisva

Virginia
67 Posts

Posted - 11/07/2013 :  07:08:48 AM  Show Profile  Reply with Quote
Question: Do you get paid for each trip and how much should we charge for the application. I am uncertain of the amount of docs for the app.

quote:
Originally posted by jbelmont

I like all the responses we got on this question. Who can tell me about the specific documents that are unique to a reverse mortgage as well as the unique questions and procedures that are involved. I'm curious as I haven't signed loans in the last several years since RM's came to be popular.

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IntegrityNotary

69 Posts

Posted - 06/10/2013 :  08:37:43 AM  Show Profile  Reply with Quote
Well written sashad!
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sashad

Alabama
17 Posts

Posted - 05/24/2013 :  09:41:06 AM  Show Profile  Reply with Quote
I'm compelled to post about this topic as I am a senior myself & have done just a few reverse mortgage applications and the actual loan signing itself. The mortgage signing is ok, because the borrower has already been approved & decided to go ahead. BUT the application scenario has been such a bad experience for me. Not due to the common reasons, such as: extra time-consuming, fax backs, senile signer. I will not do another reverse mtg application because obviously, the LO has done no due diligence (as far as I am concerned) in qualifying their prospects. By this I mean: property, including the house itself is in such state of disrepair that an appraisal would be ludicrous; potential client is behind on mtg pmts, utilities, HO insurance. Yet they are presented with docs outlining what they will receive for a
proposed value of $125K !! AND, after I inquired of my well-advertised hiring party what happens to these folks who don't meet their minimum value, they are referred to a lender with lower requirements (think predatory). The last straw is the applicant is asked to provide pre-payment for an appraisal, which many appraisers will not do for the RM.
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mfleites

10 Posts

Posted - 06/13/2009 :  09:58:28 AM  Show Profile  Reply with Quote
Jeremy, the main difference when conducting these closing is that a closer should go over the HUD and then the reverse mortgage Amortization Sheet and Fee Sheet before the Note. Those 2 sheets go over the fees that equal the total amount that has been taken for their loan when they fund. There is also a servicing fee and account that is not part of the funds that are taken from them. Yet, an account that their $30 fee goes into...then go into the Note. As the rate is only on what thye borrow. Also, on the HUD and required by the government is the Origination and the Mortgage Insurance(protect the gov't of 100K).
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claudia

Texas
54 Posts

Posted - 05/20/2009 :  08:49:59 AM  Show Profile  Visit claudia's Homepage  Reply with Quote
There are a view items to be aware of when doing a Reverse Mortgage: so that you can call them and ask them to have the information they need ready when you get there.
1. Generally there is a document that asks for the name and
date of the company the borrower has received his/her
counseling from. Sometimes the original certificate is
required.
2. They will need a copy of their homeowners insurance to be
sent back to lender.
3. Sometimes an appraisal deposit check is requested.

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claudia

Texas
54 Posts

Posted - 05/27/2008 :  4:32:03 PM  Show Profile  Visit claudia's Homepage  Reply with Quote
I agree that RM's are not hard. They are just different. Generally there is more paper work. It takes more time because generally they do like to visit. I too like going to their home to fill out the application first but I am not traveling over thirty miles one way for $75.00 that Signing Pro pays its just not feasible.
There are two notes and two deeds. one deed and one note is for the government the other is for the lender. The government insures that the lender will not default on the loan if that situation happens the government takes over the loan.
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crtowles

California
553 Posts

Posted - 05/27/2008 :  07:52:52 AM  Show Profile  Reply with Quote
Jeremy...two notes and two mortgages are what really stand out. For the most part they are the same as any other loan packages. They do take longer, due to the age of the borrowers.

C
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gjk-fl

Florida
151 Posts

Posted - 05/27/2008 :  04:10:08 AM  Show Profile  Visit gjk-fl's Homepage  Reply with Quote
I do quite a bit of reverse mtgs, both the apps and the closings. I had no special training. I love doing them, because I love older folks and I love the relief it brings to them. I always call them a day before I go out and tell them which documents to have ready for me. I have to take a portable printer with me to make copies of those docs. I always do that first while chatting with them and establishing a raport with them. You do have to be patient with them and listen to stories, but they know more than I do about life, so that's ok. I love the concept of the reverse mtg and really love the quality of life it brings to the seniors who do them, however, I know they're not for everyone.

gjk
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jbelmont

California
2838 Posts

Posted - 05/25/2008 :  07:59:11 AM  Show Profile  Visit jbelmont's Homepage  Reply with Quote
I like all the responses we got on this question. Who can tell me about the specific documents that are unique to a reverse mortgage as well as the unique questions and procedures that are involved. I'm curious as I haven't signed loans in the last several years since RM's came to be popular.
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dspencer

Arkansas
28 Posts

Posted - 05/25/2008 :  04:23:56 AM  Show Profile  Visit dspencer's Homepage  Reply with Quote
I like the assignments where I first go to the borrower's home and complete the application for the RM, then return to complete the package when the loan is ready. Great contact with the borrowers.
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398

Florida
15 Posts

Posted - 05/23/2008 :  09:03:40 AM  Show Profile  Visit 398's Homepage  Reply with Quote
As a former Trained Reverse Mortgage Advisor I am thorougly familiar with the Docs. A HECM (Home Equity Conversion Mortgage) does take longer due to the number of additional docs and questions that arise at the closing table. One needs to be patient and very courteous because signing can be slow due to physical problems. I always make a point of explaining the need for two Notes and two Mortgages and review with them the detailed sheet indicating the projected interesst accumulation,increase in equity etc.This is similar to an amortization in a convetional type mortgage only in more detail. I do these things because I have come across some cases where the borrower was either senile and being taken advantage of by an unscrupulous broker or rep, or did not have the information properly explained or they forgot what was told to them.
I do all reverse mortgages exclusively for my local bank and many that I receive from Title companies. The pay is better because I am listed on the HUD and get $175 usually for overnight docs. Reverse mortgages have increased in demand over the past 5 to 6 years.
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Claudine-Oh

Ohio
6 Posts

Posted - 05/19/2008 :  8:14:50 PM  Show Profile  Visit Claudine-Oh's Homepage  Reply with Quote
Hi everyone, great question. I have done many RMs and they are not that much different. You have docs that need to be signed wether its an RM, Refi etc. The forms are different, but easy to understand. These signings take longer, because the older folks tend to read more and are more cautious. They also like to chat a lot, they also have more time on their hands but we are busy..I hear great stories and I enjoy doing RMs! You must have extra patience and understanding and schedule more time for these, usually about 2 hrs, if it is signed a a bank it is quicker, I do like doing them there! I took a training class a webinnar from All Reverse Transactions.

Claudine-Oh
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Lee-AR

Arkansas
567 Posts

Posted - 05/19/2008 :  06:49:50 AM  Show Profile  Reply with Quote
Not 'hard', but quite different. Most take longer at the signing for a variety of reasons: They want to chat or they take longer to sign (arthritis or some other impairment).
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jbelmont

California
2838 Posts

Posted - 05/19/2008 :  03:20:16 AM  Show Profile  Visit jbelmont's Homepage  Reply with Quote
Who has experience with reverse mortgages? Are they hard? Do you need to take a class to understand how to complete them? Do they take long? Please share your experience.
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