- 249
I am looking for a company that works with agents to offer reverse mortgages. Anyone have any info?
Thanks for any info you can provide
Thanks for any info you can provide
Any One Involved With A Reverse Mortgage Company
- Thread starter rbrewer
- Start date
- 11,997
I am looking for a company that works with agents to offer reverse mortgages. Anyone have any info?
Thanks for any info you can provide
I've got a mortgage guy I work with that does a great job, PM me and I'll introduce the two of you.
DHConcepts
New Member
- 18
Heard a lot of buzz around Wellsfargo's reverse mortgage. Since it is a touchy area it is best to have the backing of a strong company.
I wrote mortgages for 10 years prior to entering in the insurance biz. I wrote several reverse mortgages. They are a good product. Homeowners that are min 62 can utilize the equity in their homes via a line of credit, lump sum or monthly payments. Usually, the RM programs are FHA insured and underwritten. Wells Fargo was always a strong company to work with, but I haven't looked at their Reverse Mortgages...
Underwriters Marketing Services is an MGA headquartered in New Jersey that has an affiliation with First Mainer Mortgage for Reverse Mortgages. They are good people.
- 428
I only use the 800 gorilla well's fargo and it has worked out great for her!!!!!!!!
On just a referral basis I would think any major bank or mortgage broker would work with you. If you want to (legally) get commission on rev mortgage business in addition to your insurance, make sure you have the appropriate license.
I've found a local mortgage banker to partner with and it's working great for both of us, but they don't have anything that was specifically designed for agents. I just went to google and the phone book and started visiting some of the local providers.
I've found a local mortgage banker to partner with and it's working great for both of us, but they don't have anything that was specifically designed for agents. I just went to google and the phone book and started visiting some of the local providers.
- 4,132
In my state at least, Agents have to be a bit careful about their relationships with reverse mortgage companies. Too close a tie in writing business can lead to potential problems.
You're dealing with older people, probably talking annuities and probably looking to use the funds taken from the home to use as funding. There's a forum post with something like 10,000 posts on what could happen if things go south in an annuity transaction.
I mean it's been a while since I looked into it, but I do recall that too tight a relationship between reverse mortgage entity and insurance agent was considered a bit suspect. Doesn't mean you can't sell an annuity to that person, but use caution with the tie in with the RM company. I think in the issue was having separation to not make it appear as the insurance transaction was driving the sale.
If that doesn't make sense, hey do what ya want.
You're dealing with older people, probably talking annuities and probably looking to use the funds taken from the home to use as funding. There's a forum post with something like 10,000 posts on what could happen if things go south in an annuity transaction.
I mean it's been a while since I looked into it, but I do recall that too tight a relationship between reverse mortgage entity and insurance agent was considered a bit suspect. Doesn't mean you can't sell an annuity to that person, but use caution with the tie in with the RM company. I think in the issue was having separation to not make it appear as the insurance transaction was driving the sale.
If that doesn't make sense, hey do what ya want.
chrishemsworth
New Member
- 9
Keep in mind, as long as you are alive and live in the home, you don't have to repay the loan. But someone will have to take on the debt when you die or the bank can take the home.
