Comments on: Pentagon Federal Credit Union Offering Reverse Mortgage Without Origination and Servicing Fees to Members http://reversemortgagedaily.com/2010/03/21/pentagon-federal-credit-union-offering-reverse-mortgage-without-origination-and-servicing-fees-to-members/ Reverse Mortgage News and Information Mon, 13 Feb 2012 00:19:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Anonymous http://reversemortgagedaily.com/2010/03/21/pentagon-federal-credit-union-offering-reverse-mortgage-without-origination-and-servicing-fees-to-members/comment-page-1/#comment-38775 Anonymous Wed, 24 Mar 2010 13:14:00 +0000 http://reversemortgagedaily.com/2010/03/21/pentagon-federal-credit-union-offering-reverse-mortgage-without-origination-and-servicing-fees-to-members/#comment-38775 Well, that surprised me. I thought they would have raised it a little to offset the loss. For them to still do a 5.56% and offer no origination and no SFSA, well, I guess I am going to have to rely on my stellar customer service attributes to win them over because I cannot compete if only comparing costs and benefits. Well, that surprised me. I thought they would have raised it a little to offset the loss. For them to still do a 5.56% and offer no origination and no SFSA, well, I guess I am going to have to rely on my stellar customer service attributes to win them over because I cannot compete if only comparing costs and benefits.

]]> By: markjudge http://reversemortgagedaily.com/2010/03/21/pentagon-federal-credit-union-offering-reverse-mortgage-without-origination-and-servicing-fees-to-members/comment-page-1/#comment-36685 markjudge Wed, 24 Mar 2010 11:14:39 +0000 http://reversemortgagedaily.com/2010/03/21/pentagon-federal-credit-union-offering-reverse-mortgage-without-origination-and-servicing-fees-to-members/#comment-36685 Well, that surprised me. I thought they would have raised it a little to offset the loss. For them to still do a 5.56% and offer no origination and no SFSA, well, I guess I am going to have to rely on my stellar customer service attributes to win them over because I cannot compete if only comparing costs and benefits. Well, that surprised me. I thought they would have raised it a little to offset the loss. For them to still do a 5.56% and offer no origination and no SFSA, well, I guess I am going to have to rely on my stellar customer service attributes to win them over because I cannot compete if only comparing costs and benefits.

]]> By: rainmand http://reversemortgagedaily.com/2010/03/21/pentagon-federal-credit-union-offering-reverse-mortgage-without-origination-and-servicing-fees-to-members/comment-page-1/#comment-36679 rainmand Tue, 23 Mar 2010 20:17:34 +0000 http://reversemortgagedaily.com/2010/03/21/pentagon-federal-credit-union-offering-reverse-mortgage-without-origination-and-servicing-fees-to-members/#comment-36679 5.56% 5.56%

]]> By: 2545 http://reversemortgagedaily.com/2010/03/21/pentagon-federal-credit-union-offering-reverse-mortgage-without-origination-and-servicing-fees-to-members/comment-page-1/#comment-36675 2545 Tue, 23 Mar 2010 15:06:10 +0000 http://reversemortgagedaily.com/2010/03/21/pentagon-federal-credit-union-offering-reverse-mortgage-without-origination-and-servicing-fees-to-members/#comment-36675 These companies are killing the industry and those trying to make a living but at least its a better deal for the seniors. These companies are killing the industry and those trying to make a living but at least its a better deal for the seniors.

]]> By: markjudge http://reversemortgagedaily.com/2010/03/21/pentagon-federal-credit-union-offering-reverse-mortgage-without-origination-and-servicing-fees-to-members/comment-page-1/#comment-36672 markjudge Tue, 23 Mar 2010 10:46:03 +0000 http://reversemortgagedaily.com/2010/03/21/pentagon-federal-credit-union-offering-reverse-mortgage-without-origination-and-servicing-fees-to-members/#comment-36672 Does anyone know waht interest rate they are charging for a no origination/ no SFSA reverse mortgage? All the article said was a competitive rate. Does anyone know waht interest rate they are charging for a no origination/ no SFSA reverse mortgage? All the article said was a competitive rate.

]]> By: rainmand http://reversemortgagedaily.com/2010/03/21/pentagon-federal-credit-union-offering-reverse-mortgage-without-origination-and-servicing-fees-to-members/comment-page-1/#comment-36663 rainmand Mon, 22 Mar 2010 18:27:38 +0000 http://reversemortgagedaily.com/2010/03/21/pentagon-federal-credit-union-offering-reverse-mortgage-without-origination-and-servicing-fees-to-members/#comment-36663 >>I wonder how some of the discounters who mock on this website will feel about this competition<br><br>I haven't heard any of the discounters mocking anybody else here.<br><br>PenFed really isn't that competitive, because many of the discounters:<br><br>Have already reduced their origination fee to 0<br><br>Are paying most 3rd party costs (everything except FHA's insurance premium)<br><br>Offer the fixed program, with no monthly service fee<br><br>That business model allows them to be profitable, and provides more money to the Seniors.<br><br>Just type "reverse mortgage" into google and you'll those Lenders at the top of the first page, usually with the title "NO FEE Reverse Mortgages". >>I wonder how some of the discounters who mock on this website will feel about this competition

I haven't heard any of the discounters mocking anybody else here.

PenFed really isn't that competitive, because many of the discounters:

Have already reduced their origination fee to 0

Are paying most 3rd party costs (everything except FHA's insurance premium)

Offer the fixed program, with no monthly service fee

That business model allows them to be profitable, and provides more money to the Seniors.

Just type “reverse mortgage” into google and you'll those Lenders at the top of the first page, usually with the title “NO FEE Reverse Mortgages”.

]]> By: sherischmitz http://reversemortgagedaily.com/2010/03/21/pentagon-federal-credit-union-offering-reverse-mortgage-without-origination-and-servicing-fees-to-members/comment-page-1/#comment-36664 sherischmitz Mon, 22 Mar 2010 16:20:43 +0000 http://reversemortgagedaily.com/2010/03/21/pentagon-federal-credit-union-offering-reverse-mortgage-without-origination-and-servicing-fees-to-members/#comment-36664 I have already eliminated my origination fee and using Genworth- have no service set aside fee. Those 2 make me very comptetive! I have already eliminated my origination fee and using Genworth- have no service set aside fee. Those 2 make me very comptetive!

]]> By: Matt Neumeyer http://reversemortgagedaily.com/2010/03/21/pentagon-federal-credit-union-offering-reverse-mortgage-without-origination-and-servicing-fees-to-members/comment-page-1/#comment-36665 Matt Neumeyer Mon, 22 Mar 2010 12:56:56 +0000 http://reversemortgagedaily.com/2010/03/21/pentagon-federal-credit-union-offering-reverse-mortgage-without-origination-and-servicing-fees-to-members/#comment-36665 I wouldn't worry too much about being able to compete with them. If you have access to a lender that has eliminated the SFSA, you'll be all right. I just ran a scenario on their website and the 5.56% fixed rate HECM is providing more than their "PenFed HECM". I wouldn't worry too much about being able to compete with them. If you have access to a lender that has eliminated the SFSA, you'll be all right. I just ran a scenario on their website and the 5.56% fixed rate HECM is providing more than their “PenFed HECM”.

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