It depends on the solution you’re seeking. What’s your primary objective? Are you interested in receiving a monthly check? Or does a Credit Line make more sense for your situation. Or is your goal to eliminate your monthly mortgage payment? Or to receive the absolute lowest fees possible?rnrnIt’s important to understand the solution you’re seeking prior to recommending the best reverse mortgage program.

Shopping for the best reverse mortgage package – recommendations???

retail isn’t doing this according to source there

retail isn’t doing this according to source there

Shopping for the best reverse mortgage package – recommendations???

Since there is no free lunch, where does the UFMIP cost com from, i.e. is it taken out of the origination loan, the back end or bothy, or does the investor absorb it?

Is this available to both wholesale and retail for Bank of America Reverse Loan Originators? I heard from one of thier retail LO’s that the paid MIP is only available to theer wholesale side.

nornocyte,rnrnIf you have adequate comps vindicating a higher value, have your originator submit a challenge through the lender. I did for a customer (with better and more timely comps) and on an AMC appraisal, the appraiser amended his estimate of value, increasing it by about 5%. But if you do not have the comps unless there is a math or other significant error, little can be done. But if you have adequate documentation (that is generally the challenge) and your originator will not provide it to the appraiser through the lender, find a new originator. If the appraiser ignores the submission, work with the originator to see if there is something else which can be done; usually there is not.rnrnSo as to reduce any false expectations, my experience with an increase in the estimate of value with an AMC appraisal is quite rare.

I think it’s a kick in the pants to the BoA retail originators who do not have access to this product.

Michael,rnrnThat is why we are “paid the big bucks.” It is our job to take the confusion out of the transaction and help seniors find the right product for them. Depending on the state where the borrower and property resides, a fiduciary duty of care may apply.rnrnWhat is wrong with increasing the interest rate so that these upfront costs and the SFSA reduction continue to be covered? Or what is wrong with more than one fixed rate HECM product with one having lower upfront costs with a higher note interest rate and one with higher upfront costs but a lower interest rate on the note?rnrnOur industry began substantially changing once proprietary products were introduced and the marginal rate of HECMs was reduced to 1%. The days before those changes are no more. Don’t expect the days of little change and less variety to return.rn

nornocyte,rnrnIf you have adequate comps vindicating a higher value, have your originator submit a challenge through the lender. I did for a customer (with better and more timely comps) and on an AMC appraisal, the appraiser amended his estimate of value, increasing it by about 5%. But if you do not have the comps unless there is a math or other significant error, little can be done. But if you have adequate documentation (that is generally the challenge) and your originator will not provide it to the appraiser through the lender, find a new originator. If the appraiser ignores the submission, work with the originator to see if there is something else which can be done; usually there is not.rnrnSo as to reduce any false expectations, my experience with an increase in the estimate of value with an AMC appraisal is quite rare.

nornocyte,rnrnIf you have adequate comps vindicating a higher value, have your originator submit a challenge through the lender. I did for a customer (with better and more timely comps) and on an AMC appraisal, the appraiser amended his estimate of value, increasing it by about 5%. But if you do not have the comps unless there is a math or other significant error, little can be done. But if you have adequate documentation (that is generally the challenge) and your originator will not provide it to the appraiser through the lender, find a new originator. If the appraiser ignores the submission, work with the originator to see if there is something else which can be done; usually there is not.rnrnSo as to reduce any false expectations, my experience with an increase in the estimate of value with an AMC appraisal is quite rare.

Im trying to get a reverse mortgage now..but now the appraisers are a pain in the butt..Just a appraisal 3/31/2010 for $298,000 and only 7 months ago had one from BA for $365,500..SAME PLACE

Michael,rnrnThat is why we are “paid the big bucks.” It is our job to take the confusion out of the transaction and help seniors find the right product for them. Depending on the state where the borrower and property resides, a fiduciary duty of care may apply.rnrnWhat is wrong with increasing the interest rate so that these upfront costs and the SFSA reduction continue to be covered? Or what is wrong with more than one fixed rate HECM product with one having lower upfront costs with a higher note interest rate and one with higher upfront costs but a lower interest rate on the note?rnrnOur industry began substantially changing once proprietary products were introduced and the marginal rate of HECMs was reduced to 1%. The days before those changes are no more. Don’t expect the days of little change and less variety to return.rn

Im trying to get a reverse mortgage now..but now the appraisers are a pain in the butt..Just a appraisal 3/31/2010 for $298,000 and only 7 months ago had one from BA for $365,500..SAME PLACE

next drop? what else is there- they have to put some skin in the game- its still a loan

Im trying to get a reverse mortgage now..but now the appraisers are a pain in the butt..Just a appraisal 3/31/2010 for $298,000 and only 7 months ago had one from BA for $365,500..SAME PLACE

It sounds good BUT, A) Will this push people towards fixed-rate loans when they should be taking adjustables? B) Will this confuse our clients who will not understand why their loan has $15,000 more in closing costs than their friends? and C) What will happen if the secondary market shifts considerably and B of A has to start charging the MIP again, and noone wants to pay it?

Interesting…..price war continues. But, will the volume increase or will the prospects just wait for the next drop.

It sounds good BUT, A) Will this push people towards fixed-rate loans when they should be taking adjustables? B) Will this confuse our clients who will not understand why their loan has $15,000 more in closing costs than their friends? and C) What will happen if the secondary market shifts considerably and B of A has to start charging the MIP again, and noone wants to pay it?

It sounds good BUT, A) Will this push people towards fixed-rate loans when they should be taking adjustables? B) Will this confuse our clients who will not understand why their loan has $15,000 more in closing costs than their friends? and C) What will happen if the secondary market shifts considerably and B of A has to start charging the MIP again, and noone wants to pay it?

Interesting…..price war continues. But, will the volume increase or will the prospects just wait for the next drop.

Kudos to Bank of America for passing the benefits on to the senior instead of increasing the points on the back end.rnHopefully this sets an example to other lenders!

Kudos to Bank of America for passing the benefits on to the senior instead of increasing the points on the back end.rnHopefully this sets an example to other lenders!

That's pretty darn cool.