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Posts Tagged ‘Correspondents’

Reverse Talk is Talking!

Sunday, July 26th, 2009

by Sam Collins
reversettalklogo300dpi

Last Wednesday Reverse Mortgage Association for Loan Officers, REMALO, introduced Reverse Talk.com    The response to Reverse Talk.com has been overwhelming, with loan officers, correspondents, service providers, associations and lenders joining.

You may be asking, “Why is there a need for a reverse mortgage community?”   Admittedly, I have a Faceboook, Linkedin, and Twitter account.  The problem  for me with those other  social sites  was the difficulty of talking with people in our industry and others  who understand and appreciate the Reverse Mortgage business, seniors, and the issues, challenges, and everyday workings of our world.

Here are some of the comments made by new members:

 ”I am looking forward to this new site and the information it offers to professionals like myself.”
 ”I am in Minnesota and thanks Sam for this site. I love helping seniors with there reverse mortgages!”
  “Sam, thanks for putting up Reverse Talk”

The nice thing about ReverseTalk.com is you can join for Free.  You can choose to participate in conversation or not.  With Reversetalk.com  you can pariciapate and express yourself, ask questions, and  get answers to burning questions that were on your mind, but you did not have a network of like professionals.

Now you have the network:  ReverseTalk.com…Join now. Go here:  http://www.reversetalk.com

Remember, keep moving forward to stay ahead in reverse.
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Visit our Events Calendar.  Look for our August 5th HECM Purchase Workshop.

Reverse Mortgage - HECM Training by HUD

Tuesday, June 30th, 2009

post by Sam Collins
hud-seal

Today, I attended  a webinar, wherein the Denver HUD office presented a great HECM Training session.  The training program was suitable for loan officers, lenders, managers, processors, and brokers correspondents.

There was some interesting information dispensed.   The HUD training team did an excellent job and  dispensed the information in an efficient and understandable method. The most noteworthy information was  that “Gifts” are now allowed for HECM purchases.  This is indeed a pleasant addition to the HECM purchase program.   There also were many resources given on the webinar.  The average age of borrowers today doing a reverse mortgage is 73, the average appraised home value ws $239,400  and as suspected 89% of senior clients opt for the line of credit payment option, while 4% are tenure, 1% are term, and 3% are a combination.  The HECM Arm option is the most popular.  I also learned that the monthly HECM ARM caps are determined by lenders.

Copies of the two power point presentation are posted on REMALO for your review. 

Remember, keep moving foward to stay ahead in reverse.
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Welcome to July…CLICK HERE to see our Calendar of Events for July 2009