If you are a home owner in the process of applying for a reverse mortgage, take my advice and ask the lender for a discount. I have been in the reverse mortgage business for almost ten years now and I’m still amazed to see customers being charged full retail lender fees. I have been repeatedly contacted by customers of Wells Fargo bank and others who have decided to shop around before closing their loans. They are usually shocked to find that I can offer most customers discounts on fees equal to $1000 to $2000 and in some cases even more. This is money that would end up being paid to the bank as an origination fee and then added to the customer’s loan balance at closing. My discounts go right into the customer’s pocket keeping the overall closing costs lower and the beginning loan balance lower as well.

If you are a lender and want to complain about this post, simply consider the following. The new good faith estimates should be a warning to you that you do have the potential to overcharge the customer but you should not do so, simply because you can. Don’t try to tell me how much work you have to do for some borrowers, I’ve done over 500 reverse mortgages and I’ve driven hundreds of miles to see many of them. Our industry would not be under as much scrutiny if you would just stop to consider how dangerous it is for you to charge to the maximum to every customer that comes in the door.

Wells Fargo does not make it a practice to discount anything to the borrower because they don;t have to. The customer simply doesn’t ask or if they do, their request is denied. I would love to have all of their customers, or any big (bailout) bank customer call me for a competing quote. I’ll make sure you get a discount and let you show it to them, in writing.

Michael Manfredi is CEO of Mortgage Concepts, LLC

Send me some mail!

(602) 574-5778 cell phone

(602) 507-6527 office

Mortgage Concepts, LLC is Arizona mortgage broker 0909187 located in Phoenix, AZ.

Reverse Mortgages are easy to come by in Chino Valley, AZ if you are working with an experienced Arizona reverse mortgage lender like Mortgage Concepts, LLC. Our most recent client funded a new reverse mortgage loan for a manufactured home on five acres of land in Chino Valley, AZ. The application did have its challenges, though. First of all, the loan was attempted by another reverse mortgage lender in Arizona who soon found out, not all loans are created equal. The truth is, the lender’s lack of experience, robbed the borrower of a precious four months with nothing to show for it except a whole lot of meaningless paperwork. The lender was attempting to do an adjustable rate loan with a low quality appraisal and the wrong loan criteria for the manufactured home property type that would have yielded $81,000 to the borrower.

Mortgage Concepts, LLC was called in and spotted the deficiencies right away. A new, quality appraisal report was ordered and the loan qualified for a low fixed interest rate and a net, lump sum cash to the borrower of $105,000.

Michael Manfredi is CEO of Mortgage Concepts, LLC

Send me some mail!

(602) 574-5778 cell phone

(602) 507-6527 office

Mortgage Concepts, LLC is Arizona mortgage broker 0909187 located in Phoenix, AZ.

Massachusetts Rep. Barney Frank supports Reverse Mortgages