Two days ago I heard from a would-be client, who quickly became a never-would-be client. I say this because I can practically guarantee that I wont be contacted by him again.
He began by flattering my marketing abilities. Once I was buttered up he opened the door to his true inquiry: How can choosing you instead of another lender, get me the largest cash sum possible from my house?
The truth is that nothing can be done differently. There is a formula, used by all lenders of reverse mortgages, to determine how much cash can be taken out of a mortgage.
Once we covered that, he declared he wanted a first-rate appraiser that would work really hard. This is a way of covertly saying he wanted one that would report in a biased way.
He was asking this, because he knew if his home was assessed at a high amount, the lender would give him a heftier loan.
Many seniors have a desire to pay off their traditional mortgage using the reverse mortgage. It's the number 1 reason seniors are looking at the reverse. But, with waning values, it can be precarious.
Yet the lender can't at all times loan an adequate amount to fulfill this wish if the appraisal returns too low. So the poor borrower has to maintain payment on the regular loan until his home value increases enough to give it another shot.
Unfortunately borrowers aren't the only ones struggling; appraisers are as well. For awhile they were able to pad their appraisal reports.
An appraiser who comes across this article might be bothered by what I said and even dispute it, but its common knowledge that number adjusting was taking place.
Presently everyone in the housing industry is being held responsible for the mortgage debacle, appraisers too. A closer eye is being kept on them than previously.
Appraisers are getting checked up on more than ever before, and are in jeopardy of having their license revoked if they do things unscrupulously.
So, that is what I told this guy. I haven't heard from him since. I told him other companies would tell him how their appraiser will definitely get him the greatest value.
They all say that. In the end only one is right. I'd prefer to give an honest answer and lose the business.
He began by flattering my marketing abilities. Once I was buttered up he opened the door to his true inquiry: How can choosing you instead of another lender, get me the largest cash sum possible from my house?
The truth is that nothing can be done differently. There is a formula, used by all lenders of reverse mortgages, to determine how much cash can be taken out of a mortgage.
Once we covered that, he declared he wanted a first-rate appraiser that would work really hard. This is a way of covertly saying he wanted one that would report in a biased way.
He was asking this, because he knew if his home was assessed at a high amount, the lender would give him a heftier loan.
Many seniors have a desire to pay off their traditional mortgage using the reverse mortgage. It's the number 1 reason seniors are looking at the reverse. But, with waning values, it can be precarious.
Yet the lender can't at all times loan an adequate amount to fulfill this wish if the appraisal returns too low. So the poor borrower has to maintain payment on the regular loan until his home value increases enough to give it another shot.
Unfortunately borrowers aren't the only ones struggling; appraisers are as well. For awhile they were able to pad their appraisal reports.
An appraiser who comes across this article might be bothered by what I said and even dispute it, but its common knowledge that number adjusting was taking place.
Presently everyone in the housing industry is being held responsible for the mortgage debacle, appraisers too. A closer eye is being kept on them than previously.
Appraisers are getting checked up on more than ever before, and are in jeopardy of having their license revoked if they do things unscrupulously.
So, that is what I told this guy. I haven't heard from him since. I told him other companies would tell him how their appraiser will definitely get him the greatest value.
They all say that. In the end only one is right. I'd prefer to give an honest answer and lose the business.
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