Reverse Mortgages

[stbelletto]

If anyone has completed a reverse mortgage - what is your fee and how heavy is the paperwork? About the same as a refi? Anything special that I need to know? Have completed 100's of refi's but not any reverses yet. Thanks!

~

[vanotary]

My fee's are alittle bit more than a standard refi, I'm talking maybe $25 more. The reason is, while most reverse borrowers are informed they are not all as quick to sign, nor to they want to be.
Usually a reverse will take double the time that a regular refi will take. I enjoy reverse mortgages but I would never ever schedule on at or near the eom.

[elitemobilenotary]

The borrowers on a reverse will always be older, I think the age starts at 65. It will always take a very long time and yes there will be lots of extra paperwork. I would plan on atleast being there an hour and a half and charge a little more for the print fee too. The paperwork is nothing like a Refi. There are 2 notes and 2 Mtgs but they are different from one another.