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Reverse mortgages....

By
Real Estate Agent with Coldwell Banker
Although I'm not a mortgage consultant as many of the members are, I've recently learned some very basic information concerning reverse mortgages.  In light of the currant market "slump" I've had a few considerably over 55 yrs old clients with no other option out of their financial issues.   Could a reverse mortgage be the answer?    I would be happy to refer them to look into a reverse mortgage.  
Ira Freireich
Best Buyer's Broker Realty - Valley Stream, NY
EBA

Mary,

A good friend of mine knows all about Reverse Mortgages.  Howard Ganci is a Reverse Mortgage Specialist.  I just spoke with him and requested that he contact you. 

Nov 26, 2007 06:57 AM
Mary Ann Salvatore
Coldwell Banker - East Lyme, CT
GRI SRES

Thank you for the quick welcome to activerain!    It is a pleasure talking to my colleagues about our business.   Advice and referrals are always welcome.   Every deal is differant as the people involved with the transactions so talking to those out in the business is certainly benefitual.  

Any reverse mortgage info that can be forward to me will be great!    I did go to the site www.reversemortgage.org   Does anyone see the benefit out ways the eventual outcome of not paying bills etc...????

Nov 26, 2007 08:38 AM
Brian Hoots
Real Living Speckman Realty, Inc. - Bourbonnais, IL
Mary Ann,  I wanted to welcome you to Active Rain.  hopefully you find the answer you're looking for about reverse mortgages.
Nov 26, 2007 10:23 AM
Leo Namiot - LeoLends.com
Canopy Mortgage - Leo Namiot - Saint Augustine, FL
More than just great rates

Hello Mary Ann,

     Welcome to active rain, it's a great online community, Enjoy!

Leo Namiot

Benchmark Mortgage

Connecticut Mortgage Specialist

http://www.leolends.com/

Nov 26, 2007 12:05 PM
Mary Ann Salvatore
Coldwell Banker - East Lyme, CT
GRI SRES
Leo-Thanks for the welcome.    This site appears to be a wonderful resource!   
Nov 26, 2007 12:12 PM
Keith Elliott Jr
KEIRE Realty Group - Manassas, VA
Principal Broker/Owner

Hi Mary Ann,

Welcome to Active Rain! The opportunities to learn and network are incredible here. Best of luck to ya!

-Keith

Nov 26, 2007 04:32 PM
Brad Andersohn
Retired Executive Director of Education at eXp - Boulder Creek, CA
ActiveBrad - 707.646.1876
Hi Mary Ann

I see this is your first post on Active Rain.  Congratulations!!  I just wanted to welcome you to a fantastic Real Estate Industry Network!  Welcome aboard, I hope you'll continue to blog, and invite others.  Wishing you all the best here and in your business.

Below are some useful sites and groups you may want to visit right away: You can also use the “search” feature to find almost anything on Active Rain.

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Good Luck to you and your business!
Nov 26, 2007 06:22 PM
Sylvia Williams
Reverse Mortgage Consultant - Elk Grove, CA
Ed.D

Hi Mary Ann,

I have been doing reverse mortgages for 3 years and have approximately 350 HAPPY clients.  Yes, it is a wonderful solution, especially now.  Seniors can keep their homes, free themselves of monthly house payments, have extra cash flow to enjoy life, and live their later years free from financial worries.  My clients say this is the best thing they have ever done.  I have a referral program that can pay you a nice referral fee.  I can originate a reverse mortgage in all states. Please go to my profile and check it out.  And, welcome aboard!

Oh, by the way, the reverse mortgage requires that the borrower be at least 62 yrs. old!

Sylvia

Nov 30, 2007 01:34 PM
Joseph Crespillo
Sellstate Realty First - Rocklin, CA
Sylvia, stay on the good side of FHA and make sure you pay referral fees to those you are allowed to.  And we can now do Reverse Mortgages for borrowers 60 yrs and older.
Dec 06, 2007 09:22 PM
Sylvia Williams
Reverse Mortgage Consultant - Elk Grove, CA
Ed.D

Joseph, I am very aware of RESPA and sure wouldn't want to risk my liveliehood.  However, Countrywide has a referral program for both FHA and non-FHA brokers AND real estate professionals.  To my knowledge, CW is the only lender that provides referrals to real estate professionals.  It is all HUD approved and we are doing it across the country.  So I have no worries about compliance.

And, you are right about the product on the market for borrowers as young as 60 years old.  Lender Lead Solutions came out with it recently.  It has a limited application and is meant for the borrower who needs a specific sum of money.  It does fill a need.  We are going to see more and more equity solutions over the coming months.  There is the REX agreement, Equity-Key, etc., etc. .....Sylvia

Dec 07, 2007 03:50 AM
Greg Plum
Academy Mortgage, LLC - Wilmington, DE

Hi, Mary Ann...

 I would be happy to assist if needed.  One quick point of clarification... borrowers must be at least 62 years of age to qualify.  In fact, the youngest borrower on the deed must meet this requirement.  I welcome the opportunity to help.  Please visit my site, www.areversemortgagelender.com for some basic information on the product and states where I can assist.  Best regards and Happy New Year!  Greg Plum, Reverse Mortgage Specialist, Academy Mortgage, 877-240-7020

Jan 01, 2008 02:18 PM
Anonymous
Joseph Crespillo

Greg-

 There are programs where you only have to be 60 to get a reverse now.

Jan 02, 2008 08:48 AM
#13
Anonymous
Anonymous

Thank you Greg and Joseph.   What I need at the moment is some "basic"  info for clients that may ask about reverse mortgages.    I do not wish to be the mortgage expert but I do like to provide information and/or be able to send them to someone who could educate them on the subject.    Thanks again.  Happy New Year!

Jan 02, 2008 10:06 AM
#14
Anonymous
Sylvia Williams
Hi Mary Ann - Here is a "101" for you on reverse mortgage eligibility:  http://activerain.com/blogsview/284358/Quick-Guide-to-Eligibility',  Hope that helps!  ...Sylvia
Jan 02, 2008 11:55 AM
#15