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eh6794
689 Posts |
 Posted - 10/11/2008 : 2:18:02 PM
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| Im doing my first. How long can my borrower live in the home? If she lives 30 years, can she stay there for 30 years? Im not sure if it matters but shes doing the CMT 200. |
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MisterVA
6570 Posts |
Posted - 10/11/2008 : 2:50:14 PM
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| There is no timeline. Have you done any training? |
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jb060310
316 Posts |
Posted - 10/11/2008 : 3:07:15 PM
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| I don't want to sound rude, but that deal might be better off with someone experienced with reverses. Length in the home is one of the most basic principals of a HECM. |
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WorldWideWayne
2397 Posts |
Posted - 10/11/2008 : 3:15:01 PM
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What's an Escrow Agent doing a reverse mortgage for anyway?
Paul and Jeff make valid points...where's the training?
>>>I'm not sure if it matters but shes doing the CMT 200.
Do you know what this means? I'm not trying to scare you away from here, I want to help, but you don't know how long they can stay in the house and you don't understand the margin <cmt200> so just exactly what are you doing here?
Keep posting...we'll help... |
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ritabradley01
3159 Posts |
Posted - 10/11/2008 : 5:03:22 PM
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You might want to start with this site Eric.
http://www.hud.gov/offices/hsg/sfh/hecm/rmtopten.cfm
Nice responses. It seems like people are behaving more professionally on this site lately. |
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fundid
161 Posts |
Posted - 10/11/2008 : 7:19:41 PM
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quote:
Originally posted by eh6794
Im doing my first. How long can my borrower live in the home? If she lives 30 years, can she stay there for 30 years? Im not sure if it matters but shes doing the CMT 200.
On a reverse mortgage there is no timeline on how long the homeowner can live in their home. The reverse mortgage is paid back when they decide to sell or when they pass away. All HECM's work the same in that manner. The only difference is the margin and weather or not they are going fixed or with the monthly program.
Let me know if you have any more questions.
Anthony Limon
Open Mortgage
anthonylimon@openmtg.com |
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Rene Viloria
1826 Posts |
Posted - 10/11/2008 : 9:43:52 PM
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| Look for cliff, on the bo members and go to his website, it should help you out, then take the training, most lenders won't let you do the loan without their training, they will not issue a password, read the book reverse mortgage for dummies, amazon.com or Barnes and Noble |
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rainmand
3805 Posts |
Posted - 10/12/2008 : 08:20:40 AM
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>>Im doing my first
Send me an email Eric and I'll reply back with a bunch of informative literature for you and your clients |
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eh6794
689 Posts |
Posted - 10/12/2008 : 11:57:36 AM
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quote:
Originally posted by fundid
quote:
Originally posted by eh6794
Im doing my first. How long can my borrower live in the home? If she lives 30 years, can she stay there for 30 years? Im not sure if it matters but shes doing the CMT 200.
On a reverse mortgage there is no timeline on how long the homeowner can live in their home. The reverse mortgage is paid back when they decide to sell or when they pass away. All HECM's work the same in that manner. The only difference is the margin and weather or not they are going fixed or with the monthly program.
Let me know if you have any more questions.
Anthony Limon
Open Mortgage
anthonylimon@openmtg.com
Thank you!!! Everyone else wanted to add their 2 cents. Shes an old borrower of mine, she wanted me to do it and I told her to ask the counselor all the questions she had because Ive never done one... the only problem was she had one more... and being Saturday I knew my great friends at BO would know exactly what to tell me.
Also, I dont plan on doing a bunch of these. |
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eh6794
689 Posts |
Posted - 10/12/2008 : 11:58:28 AM
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quote:
Originally posted by WorldWideWayne
What's an Escrow Agent doing a reverse mortgage for anyway?
Paul and Jeff make valid points...where's the training?
>>>I'm not sure if it matters but shes doing the CMT 200.
Do you know what this means? I'm not trying to scare you away from here, I want to help, but you don't know how long they can stay in the house and you don't understand the margin <cmt200> so just exactly what are you doing here?
Keep posting...we'll help...
Im not an escrow agent and Im not getting scared away. |
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maxsutter
227 Posts |
Posted - 10/13/2008 : 07:48:05 AM
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| Well virtual branch took a dump and I am looking for another home to place my reverse's - Thoughts anyone? |
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CindyJo440
122 Posts |
Posted - 10/13/2008 : 08:11:09 AM
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| Financial Freedom is great to work with. When you sign up with them, they will come out to your office and train. |
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rainmand
3805 Posts |
Posted - 10/13/2008 : 08:28:21 AM
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>>Thoughts anyone?
Renee uses Apex and I think they'll get you into all 50 States for $495.00 per file ... seems like a good deal since you need all 50. Which company were you using that went under? |
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