Jeffrey Cooper, Reverse Mortgage Specialist (JeffreyCooper.com)

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Rainmaker
188,110
Ken Jones
Toms River, NJ
SRES, SFR, SCGREA

Jeffrey Cooper I've been quite aware of the use of a reverse mortgage for purchase for some time.

However, I've found that when I bring up the topic of reverse mortgages, there's an instant refusal to even discuss the subject.

When I press for a reason, the only anwer is, "I just don't want to know about them."

In my dealings, it seems that the underlying this relucatance to even discuss reverse mortgages seems to be a gross absence of knowledge about them.

I'll continue to offer a reverse mortgage as a solution. But, I can only lead that horse to the water . . .

Mar 03, 2017 11:20 AM
Ambassador
1,620,052
Fred Griffin
Frederick Griffin, Exclusive Buyer's Broker - Tallahassee, FL
Licensed Florida Real Estate Broker

    I am aware of it.  But I usually leave "what loan product" up to the Lender.

Mar 03, 2017 04:49 PM
Rainmaker
2,064,895
Tony and Suzanne Marriott, Associate Brokers
Haven Express @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

Fred Griffin nailed this one!

Mar 04, 2017 03:39 AM
Rainmaker
194,056
Melissa Jackson
United Country Real Estate FW - Fort Worth, TX
REALTOR® Matching Buyers & Sellers

I believe it's a good product for some clients.  The general public isn't educated and don't know the difference about many loan programs. (some agents don't either) Reverse Mortgage is looked upon as taboo. People think it's a scam, they are not interested.  I have attended informational meetings to hear from the lender.  I let my lender do the talking.  

Mar 03, 2017 08:59 PM
Ambassador
2,129,767
Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

It's not something a lot of people in my area are interested in doing. We have a lot of cash buyers in my area. They are retired people that tend to be financially stable. 

Mar 03, 2017 07:41 PM
Rainmaker
2,215,635
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale - Probate Broker

That is a discussion with a client and their lender.  It is not my role to promote that, or any other product. 

Mar 03, 2017 03:49 PM
Rainmaker
1,019,243
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Los Angeles CA

Hmmm.... My job is selling houses and my principal decides what product the most beneficial to use during detailed conversation with a loan broker.

Why do you suggest a Realtor to promote a reverse mortgage product? 

Mar 03, 2017 02:49 PM
Rainmaker
498,057
Thomas J. Nelson, Realtor, CRS
Big Block Realty - La Jolla, CA
Co-Host of Mail-Right's: Real Estate Agent Podcast

Very aware.

It has to be the right client, but I'm also not in the loan business, I'm in the home business.

Mar 03, 2017 01:02 PM
Ambassador
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Debbie Reynolds
Berkshire Hathaway HomeServices PenFed Realty, Your Clarksville Real Estate Professional - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

The vast majority of my clients are not in need of this product or do not have the equity margin to qualify. I do bring it up if the situation warrants it. There have been few people I know who have used it. In their situations, it worked out well. 

Mar 03, 2017 12:40 PM
Ambassador
2,937,169
Jeff Dowler
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude - Carlsbad

I don't promote lending products but let my trusted lenders help buyers make the right decisions as far as the best loan for their situation

Mar 03, 2017 12:26 PM
Rainmaker
1,920,380
Richard Weeks
Dallas, TX
REALTOR®, Broker

Because I am in the business of promoting myself, working with people who want to buy and people who want to sell.  I really don't care if they use conventional, fha, Texa Veterans Loan, VA, USDA Guaranteed Financing, Cash, Assumption, Seller Financing or Reverse Mortgage Financing.  I don't promote any of them.

Mar 03, 2017 11:35 AM
Rainmaker
379,578
Kasey & John Boles and the team at Jon Gosche Real Estate, LLC
Jon Gosche Real Estate, LLC, Boise ID - Boise, ID
Boise, Meridian, Ada/Canyon/Gem/Boise Counties

I am aware of them but to be honest I don't promote lending products, I give recommendations for good loan officers that can go over these options with the clients.  -Kasey

Mar 03, 2017 11:29 AM
Rainmaker
1,172,489
Lyn Sims
RE/MAX Suburban - Northwest Suburbs of Chicago - Schaumburg, IL
Schaumburg IL Area Real Estate

I always promote the product. There is not as much equity as before don't forget. Some people lost 30-40K & have still not gotten there yet in my area. 

The other snag is that the kids figure they are going to inherit the money but if it was up to me, I'd say that Mom & Dad should live well & hell with the freeloading kids.

Mar 03, 2017 11:28 AM
Rainmaker
75,606
Julie Larson Realtor® Sarasota FL 941-882-0322
PalmerHouse Properties Florida - 941-882-0322 | Serving Sarasota, Manatee & Charlotte Counties - Sarasota, FL
When you're thinking of moving...ThinkSuncoast.com

I'm well aware of reverse mortgages for purchase and know some people who have done just that. They make a lot of sense for certain situations. When I come across that situation, I do bring it up and sometimes it's well received and sometimes it's not.

 

Mar 03, 2017 11:24 AM
Rainmaker
111,114
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

We know about it and have used it. It is a very viable option for a certain demographic and can be the difference on whether or not a senior can purchase a home.

Mar 03, 2017 11:20 AM
Rainmaker
2,734,604
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I had a reverse mortgage purchase (before the limits changed) and worked like a charm.

Mar 06, 2017 06:25 AM
Rainmaker
736,849
Ryan Huggins - Thousand Oaks, CA
www.HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

I'm aware of it, but I'm not a fan of reverse mortgages and do not advise my clients to look into them.

Mar 04, 2017 09:14 PM
Rainmaker
3,706,322
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Most are aware of these products but many agents lack the needed knowledge to know when to suggest a reverse mortgage.

Mar 04, 2017 01:40 PM
Rainmaker
3,325,098
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I have not done any transactions using reverse mortgage

Mar 04, 2017 05:15 AM
Ambassador
1,407,154
Harry F. D'Elia
Real Estate and Beyond, LLC - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

that would be up to the home owner

Mar 04, 2017 05:13 AM
Rainmaker
3,421,041
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I'm aware of it.  Not that certain it's in the best interests of many.

Mar 04, 2017 04:48 AM
Rainmaker
1,630,496
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

I've been aware of this products for years... a lot of mortgage loan officers seem to be less familiar with it than I am. Like any other product, it makes sense for the right person. I don't "promote" any loan product. That's up to the loan officer to discuss options with my clients.

Mar 04, 2017 04:17 AM
Ambassador
3,099,033
Praful Thakkar
Keller Williams Realty - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Jeffrey Cooper - I second what Kenneth J. Jones has shared.

Mar 03, 2017 11:38 PM
Rainmaker
2,935,934
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Cost to the owner

Mar 03, 2017 08:08 PM
Rainmaker
2,059,554
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

If i had a loan officer to work more hand in hand that had teh product i would. I have done a few of them and love the program

Mar 03, 2017 04:41 PM
Rainmaker
647,649
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Scams and people abused the concept to take advantage of the poor and old.

Mar 03, 2017 03:35 PM
Rainmaker
3,467,842
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"Franklin MA Homes"

they feel it's very expensive to close on that mortgage loan....

Mar 03, 2017 03:20 PM
Ambassador
2,608,020
Bob Crane
Woodland Management Service - Stevens Point, WI
Forestland Experts! 715-204-9671

I look at these a business model designed to prey on the elderly, and I do not participate.

Mar 03, 2017 03:04 PM
Rainmaker
103,935
Diana White-Pettis
Exit Bennett Realty - Upper Marlboro, MD
GRI, CDPE, CNE, Upper Marlboro Homes for Sale

I recommend they discuss that with a the loan officer.  I prefer to stick to what I do - help clients sell and buy homes.

Mar 03, 2017 02:54 PM
Rainer
494,080
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

For me is has been public resistance.

The are conditioned to the old war stories.

Many want to reserve the right to change their plans and fear reverse mortgage consequences.

Even when I advise, you are buying the house, in the best case, for  60% of value, but there's MORE....

....and you don't have to make any payments!!!

 They hear long gone grandpa saying, "If it sounds to good to be true......"

It would be irresponsible for me to push harder since I am not in control of the outcome. What would be helpful is better tools from product providers.

Mar 03, 2017 01:09 PM
Ambassador
888,243
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Yes I am aware that if can at times be a stupid idea.

Mar 03, 2017 12:46 PM
Rainmaker
1,119,703
Marc Swartz, CPA, CA, Real Estate Broker
Royal LePage Vision Realty, Brokerage, Direct: (416) 737-9800, Office: (416) 321-2228 - Toronto, ON
Toronto, Durham & York Regions, Ontario, Canada

I see that there is an awareness, at least by some AR members.

Mar 03, 2017 12:22 PM
Rainmaker
786,638
Corinne Guest, Managing Broker
Barrington Realty Company - Barrington, IL
The Choice of Professionals

Just not my market so no I don't need to. Over 50% of my buyers are cash and they like it that way. They don't need to borrow money.

Mar 03, 2017 11:40 AM