Disqus - Friends of The_Cynic

Re: House Appropriations Bill Could Extend Higher Reverse Mortgage Limit

wealthone — Fri, 24 Jul 2009 14:50:00 -0000

I say that 800 million is money well spent to hold off a larger systemic tide and that subsidy won't continue once home values bottom across the country.

Re: House Appropriations Bill Could Extend Higher Reverse Mortgage Limit

wealthone — Sat, 25 Jul 2009 21:38:46 -0000

good point, good point

Re: Online Social Networks Give Seniors New Way to Establish Connections

wealthone — Thu, 06 Aug 2009 21:44:34 -0000

Did anyone go to Eons and read the hack that is being discussed on reverse mortgages. These folks are giving each other info based on rumors and what the hair dresser told them- because of that, they'd crucify a reverse mortgage agent that tries to straighten things out.

Re: Defaults on Reverse Mortgages are Headline Risk

wealthone — Wed, 19 Aug 2009 14:02:15 -0000

I talked with a 67 year old man today that says he would not have the discipline to make sure he has enough to pay T&I and wanted me to escrow. I said it would decrease the amount he had access to and why wouldn't he sit down with his bank and have them set aside a certain amount into an interest bearing account and he said "oh, thats a good idea". Make your own assumptions but you can tell them until you're blue in the face and it won't be the reverse mortgage causing the problem, it'll be the borrower's.

Re: Future Valuation Problems For Reverse Mortgages

wealthone — Tue, 25 Aug 2009 09:36:11 -0000

So show us some statistics to support this Mr. Kelly. What are the REAL numbers: those folks interested in a reverse mortgage but don't have enough equity to qualify or those without enough equity to qualify and completely uninterested or unaware. The numbers they are talking about have to be very small compared to the number of folks with MORE than enough equity to qualify. Are we talking 1% to 2% of all eligible homeowners?

Re: FHA Insured Reverse Mortgages Without the SFSA, A Growing Trend?

wealthone — Tue, 01 Sep 2009 09:10:41 -0000

Why are they comparing to CMT versions instead of LIBOR? I realize their version provides more but they are comparing to a product that doesn't exist today.

BTW, the 5.56% fixed provides a larger lump sum than their version with their reduced fees.

Re: FHA Insured Reverse Mortgages Without the SFSA, A Growing Trend?

wealthone — Tue, 01 Sep 2009 15:48:33 -0000

So if no one is buying them (CMT), who is offering them? Maybe I should be comparing Oldsmobiles to Fords?

Re: FHA Insured Reverse Mortgages Without the SFSA, A Growing Trend?

wealthone — Thu, 03 Sep 2009 17:42:50 -0000

Critique, no need to get your panties in a wad. My point, which you completely lost, is why would they offer a rate sheet with products that don't currently exist for the client in this environment. I'll give you a definition of "currently" if you want but I'm not going to sell a Ford Focus and compare it to the costs or fuel efficiencies of an Oldsmobile blah blah blah. You know why? Because it DOESN'T EXIST AS AN OPTION CURRENTLY.

Re: FHA Insured Reverse Mortgages Without the SFSA, A Growing Trend?

wealthone — Thu, 03 Sep 2009 17:52:00 -0000

You know what, I will add something for you. In Maryland there is a recordation tax on real estate transactions and title companies have different ways to charge for that tax, some not understanding the intricacies of how to charge for those fees and there are some that have figured it out to the benefit of the borrower and hence provide them with a modest gain in cash flow- in some cases up to $3000. I found it all to be completely up front and the client loves knowing that I helped them save money on their RM transaction. In addition since title insurance is almost all profit anyway, that is easily negotiable for borrowers, again to their benefit. Wonder if this is known by title company servicing the CU's biz and passed on to the borrower?

Re: Implementation of HECM Principal Limit Reduction, “A Nightmare” says Industry

wealthone — Wed, 30 Sep 2009 14:26:35 -0000

Richardhunter, you may be referring to the October 2nd requirement that the client received and review the National Council on Aging's Use Your Home to Stay at Home brochure before attending their counseling session.

Re: Consumer Reports: NCLC Report Supports Our Assessment of Reverse Mortgages

wealthone — Tue, 20 Oct 2009 14:55:23 -0000

what an awful article

Re: MetLife Bank CEO Named to Most Powerful Women in Banking List

wealthone — Thu, 05 Nov 2009 13:31:10 -0000

ML is quite the mystery, they used a contract recruiter before but supposedly brought it in-house. Interestingly enough, that "in-house" recruiter was not aware of any delays in processing. Hmmm

James, your writing sounds a bit like another "elder" writer that used to post a lot here. You're going OLD SCHOOL on us.

Re: HUD Reaches Tentative Settlement with Reverse Mortgage Lender Over Violations

wealthone — Sun, 08 Nov 2009 09:44:10 -0000

rules is rules and I have to live by them or I'm looking for new employment in another industry, its that simple

Re: AARP Showing More Support for Reverse Mortgage Industry

wealthone — Wed, 18 Nov 2009 22:06:04 -0000

Genworth has always thought they were the perfect partner for AARP.

Re: FHA Developing Method to Mathematically Determine Reverse Mortgage Eligibility

wealthone — Tue, 08 Dec 2009 15:01:34 -0000

Sometimes, Ms. Burns said, counselors will suggest social service options like Meals on Wheels to alleviate some of their financial difficulties.

What's next- counselors questioning why someone has the movie package with their cable subscription or why the Cadillac instead of the Malibu? They are going to turn this into a social service program.

Re: FHA Developing Method to Mathematically Determine Reverse Mortgage Eligibility

wealthone — Tue, 08 Dec 2009 21:18:06 -0000

put them on the dole and out on the street- that seems like what they want instead of helping them maintain their dignity

Re: More Outreach and Innovative Approaches to Reverse Mortgages Needed

wealthone — Wed, 16 Dec 2009 22:02:06 -0000

If you combine this article with the earlier one from the NY Times, its easy to connect how a reverse can help keep the homeowner in the home if the right investor allows for principle reductions to meet max cash from the RM- in theory. Unfortunately, every talking head has to give their input without knowing all the facts. I love win-win situations, why isn't this more publicized?

Re: Fannie Mae Updates Reverse Mortgage Loan Application

wealthone — Tue, 29 Dec 2009 22:55:47 -0000

over regulation is going to kill our industry- enough is enough

Re: Fannie Mae Updates Reverse Mortgage Loan Application

wealthone — Wed, 30 Dec 2009 11:31:18 -0000

we're basically telling the seniors and their families that we don't trust they can think on their own- I had a guy the other day stand up and walk away from the application because he didn't like how I was "coddling" him, he said "they think I don't know what I'm getting myself involved in?" all you can do is sympathize

he finished the app but was disgusted at so much CYA

Re: Questions Persist About Subordinate Liens Behind Reverse Mortgages

wealthone — Mon, 04 Jan 2010 10:52:55 -0000

HAPPY New Year Mr. Nelson

Re: New Insurance Agency Launches Reverse Mortgage Affiliate

wealthone — Tue, 19 Jan 2010 19:22:08 -0000

***I was just introduced to a self funded LTCI product by one of my referral sources that pays out a multiple of that investment in long term care benefits. It is a fantastic option for those “who don’t qualify for LTCI” and the reverse mortgage is a very good option to fund it.***

self funded but it needs the RM to provide the funds- I'm sure FINRA and Consumer Reports is dying to hear about that

Re: New Insurance Agency Launches Reverse Mortgage Affiliate

wealthone — Thu, 21 Jan 2010 07:33:44 -0000

thats all it is

Re: WSFS Completes Wind Down of Reverse Mortgage Subsidiary

wealthone — Fri, 29 Jan 2010 15:32:02 -0000

So is WSFS still originating their own RMs?

Re: Housing Watch: Do Reverse Mortgages Help or Hurt Seniors?

wealthone — Tue, 02 Feb 2010 08:32:14 -0000

Did you all see the comments at the end of that article- what a bunch of crazies living in our world right now- very extreme views one way or the other. I'd say I need to do a much better job of "splainin myself" with my elder clients because they sure as heck don't get it from the media

Re: Congressional Justification Docs Detail Possible Changes to FHA Reverse Mortgage Program

wealthone — Tue, 16 Feb 2010 08:36:57 -0000

Not sure who's "fault" it is but it would be a whole lot cheaper for the White House or Congress to increase benefits to our seniors instead of having more of them on Medicaid or SSI or being foreclosed on. Of course not all of them are at this level of risk but to allow them to use more of their own proceeds (from the RM) to pay bills means less on the dole.