Reverse Mortgage Tips from David Gold

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Visit the National Aging in Place Council web site (http://www.naipc.org/) to learn more about the services, resources and tools available to your senior clients that want to remain in their home.

Pre-Application Tip:

If you determine that your client will be using a Power of Attorney or there is a Revocable Trust involved, consult Liberty’s Processing Manual (found on our Education Page) for detailed instructions as to how the application and counseling must be handled.

Processing Tip:

Compare legal descriptions, parcel numbers, owner’s names, property address and other items on the appraisal with the information provided on the title binder and application to assure that it all matches.

Submission Tip:

Always use our general email and fax number for file submissions, conditions and doc draw requests. Address the email or cover letter to Frank’s (Pipeline Manager) attention. The email address is wholesaleops@libertyreverse.com and the fax number is 866-393-0311.

Closing Tip:

Make sure your closing agent ships the original file to us the same day as the closing to assure receipt and review during the rescission period so the Reverse Mortgage can be funded on time.

Current Turn Times are 72+ hours for underwriting, 24 hours for conditions review (conditions are not given to the underwriter until all conditions are submitted), 24 hours for preparing closing documents and 24 hours for funding package review. Contact the Pipeline Manager or myself if you need an exception.

Some Concepts to share with your clients:

You typically have 4 options:
·You could get a conventional mortgage and get more money and have a monthly payment
·You could sell your home and get all of your equity – and then have to find a new residence
·You can do nothing at all and keep doing what you are doing now
·You can get a reverse mortgage and change your life for the better by improving your cash flow and the quality of your life.

What is the best option for you?

“The noblest service comes from nameless hands. And the best servant does his work unseen.” --Oliver Wendell Holmes

“It seems rather incongruous that in a society of super-sophisticated communication, we often suffer from a shortage of listeners.” --Erma Bombeck

“Error is the discipline through which we advance.” --William Ellery Channing

David Gold
Wholesale Regional Account Manager
Liberty Reverse Mortgage

A Genworth Financial Company
10951 White Rock Road, Suite 200
Rancho Cordova, CA 95670
Direct:(407) 271-9694
Broker Care: (866) 871-1353
Fax: (866) 791-3184
dgold@libertyreverse.com