Jeffrey Cooper, VP of Mortgage Lending at Guaranteed Rate (Guaranteed Rate - NMLS ID #2611)

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Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

    I am aware of it.  But I usually leave "what loan product" up to the Lender.

Mar 03, 2017 04:49 PM
Rainmaker
3,071,489
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Fred Griffin nailed this one!

Mar 04, 2017 03:39 AM
Rainer
321,564
Melissa Jackson REALTOR
Trinity Premier Properties - Azle, TX
Helping You Make The Right Move

I believe it's a good product for some clients.  The general public isn't educated and don't know the difference about many loan programs. (some agents don't either) Reverse Mortgage is looked upon as taboo. People think it's a scam, they are not interested.  I have attended informational meetings to hear from the lender.  I let my lender do the talking.  

Mar 03, 2017 08:59 PM
Rainmaker
2,224,473
Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

It's not something a lot of people in my area are interested in doing. We have a lot of cash buyers in my area. They are retired people that tend to be financially stable. 

Mar 03, 2017 07:41 PM
Ambassador
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Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

That is a discussion with a client and their lender.  It is not my role to promote that, or any other product. 

Mar 03, 2017 03:49 PM
Rainmaker
1,619,716
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

Hmmm.... My job is selling houses and my principal decides what product the most beneficial to use during detailed conversation with a loan broker.

Why do you suggest a Realtor to promote a reverse mortgage product? 

Mar 03, 2017 02:49 PM
Rainmaker
1,533,163
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
CEO of Vision Drive Realty - Coastal San Diego

Very aware.

It has to be the right client, but I'm also not in the loan business, I'm in the home business.

Mar 03, 2017 01:02 PM
Rainmaker
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Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

The vast majority of my clients are not in need of this product or do not have the equity margin to qualify. I do bring it up if the situation warrants it. There have been few people I know who have used it. In their situations, it worked out well. 

Mar 03, 2017 12:40 PM
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Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

I don't promote lending products but let my trusted lenders help buyers make the right decisions as far as the best loan for their situation

Mar 03, 2017 12:26 PM
Rainmaker
4,858,349
Richard Weeks
Dallas, TX
REALTOR®, Broker

Because I am in the business of promoting myself, working with people who want to buy and people who want to sell.  I really don't care if they use conventional, fha, Texa Veterans Loan, VA, USDA Guaranteed Financing, Cash, Assumption, Seller Financing or Reverse Mortgage Financing.  I don't promote any of them.

Mar 03, 2017 11:35 AM
Rainmaker
809,258
Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

I am aware of them but to be honest I don't promote lending products, I give recommendations for good loan officers that can go over these options with the clients.  -Kasey

Mar 03, 2017 11:29 AM
Rainmaker
1,840,906
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

I always promote the product. There is not as much equity as before don't forget. Some people lost 30-40K & have still not gotten there yet in my area. 

The other snag is that the kids figure they are going to inherit the money but if it was up to me, I'd say that Mom & Dad should live well & hell with the freeloading kids.

Mar 03, 2017 11:28 AM
Rainmaker
151,633
Julie Larson Realtor® Sarasota FL 941-284-9826
White Sands Realty Group FL | 941-284-9826 | Serving Sarasota, Manatee & Charlotte Counties - Sarasota, FL
When you're thinking of moving...ThinkSuncoast.com

I'm well aware of reverse mortgages for purchase and know some people who have done just that. They make a lot of sense for certain situations. When I come across that situation, I do bring it up and sometimes it's well received and sometimes it's not.

 

Mar 03, 2017 11:24 AM
Rainmaker
707,922
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

We know about it and have used it. It is a very viable option for a certain demographic and can be the difference on whether or not a senior can purchase a home.

Mar 03, 2017 11:20 AM
Rainmaker
5,852,034
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I had a reverse mortgage purchase (before the limits changed) and worked like a charm.

Mar 06, 2017 06:25 AM
Rainmaker
1,499,368
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

I'm aware of it, but I'm not a fan of reverse mortgages and do not advise my clients to look into them.

Mar 04, 2017 09:14 PM
Rainmaker
7,799,079
Roy Kelley
Retired - Gaithersburg, MD

Most are aware of these products but many agents lack the needed knowledge to know when to suggest a reverse mortgage.

Mar 04, 2017 01:40 PM
Rainmaker
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Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I have not done any transactions using reverse mortgage

Mar 04, 2017 05:15 AM
Rainmaker
1,617,866
Harry F. D'Elia III
WEDO Real Estate and Beyond, LLC - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

that would be up to the home owner

Mar 04, 2017 05:13 AM
Rainmaker
4,800,082
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I'm aware of it.  Not that certain it's in the best interests of many.

Mar 04, 2017 04:48 AM
Rainmaker
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Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

I've been aware of this products for years... a lot of mortgage loan officers seem to be less familiar with it than I am. Like any other product, it makes sense for the right person. I don't "promote" any loan product. That's up to the loan officer to discuss options with my clients.

Mar 04, 2017 04:17 AM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Jeffrey Cooper - I second what Kenneth J. Jones has shared.

Mar 03, 2017 11:38 PM
Rainmaker
3,986,196
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Cost to the owner

Mar 03, 2017 08:08 PM
Rainmaker
3,415,644
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

If i had a loan officer to work more hand in hand that had teh product i would. I have done a few of them and love the program

Mar 03, 2017 04:41 PM
Rainmaker
1,237,820
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Scams and people abused the concept to take advantage of the poor and old.

Mar 03, 2017 03:35 PM
Rainmaker
5,583,178
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

they feel it's very expensive to close on that mortgage loan....

Mar 03, 2017 03:20 PM
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Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

I look at these a business model designed to prey on the elderly, and I do not participate.

Mar 03, 2017 03:04 PM
Rainmaker
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Diana White-Pettis
Bennett Realty Solutions - Upper Marlboro, MD
GRI, CDPE, CNE, WHC Upper Marlboro Homes for Sale

I recommend they discuss that with a the loan officer.  I prefer to stick to what I do - help clients sell and buy homes.

Mar 03, 2017 02:54 PM
Rainmaker
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Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

For me is has been public resistance.

The are conditioned to the old war stories.

Many want to reserve the right to change their plans and fear reverse mortgage consequences.

Even when I advise, you are buying the house, in the best case, for  60% of value, but there's MORE....

....and you don't have to make any payments!!!

 They hear long gone grandpa saying, "If it sounds to good to be true......"

It would be irresponsible for me to push harder since I am not in control of the outcome. What would be helpful is better tools from product providers.

Mar 03, 2017 01:09 PM
Rainmaker
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Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Yes I am aware that if can at times be a stupid idea.

Mar 03, 2017 12:46 PM
Rainmaker
1,157,785
FN LN
Toronto, ON

I see that there is an awareness, at least by some AR members.

Mar 03, 2017 12:22 PM