Some Seniors Looking for Help From Appraiser - Not happening
Yesterday I was contacted by email from a potential client. Actually, potential client is an overstatement. I am almost positive I wont hear back from him.
He completemented me on my fine job of marketing to him as a lead-in to what he really wanted. He said, "how can you get me the most money out of my home, compared to another lender."
There is actually no way to do it another way. All of us in reverse mortgages use the same formula to establish the cash amount that can be removed from a loan.
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.
His reasoning behind this is that a bigger loan will be handed out if there is a higher report of home worth.
With home values reducing he is in the same shaky boat as many senior mortgage holders. They want to use the reverse loan to rid themselves of the burden of the monthly payment.
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.
Until recently appraisers were able to take certain liberties on their report, but now they are having a rough time.
A totally "by the book" appraiser reading this might be a little hot under the collar. But everyone knows plenty of fudging was going on.
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.
With the frequency of appraisal reviews taking place, appraisers could possibly lose their license if they don't do things by the book.
I relayed all of this information to the potential client, and he hasn't called me since. I warned him that other lenders would assure him the highest possible appraisal.
Most lenders will promise it, but won't do anything differently when it comes down to it. I choose to let seniors know all the facts and risk losing them as a client.
He completemented me on my fine job of marketing to him as a lead-in to what he really wanted. He said, "how can you get me the most money out of my home, compared to another lender."
There is actually no way to do it another way. All of us in reverse mortgages use the same formula to establish the cash amount that can be removed from a loan.
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.
His reasoning behind this is that a bigger loan will be handed out if there is a higher report of home worth.
With home values reducing he is in the same shaky boat as many senior mortgage holders. They want to use the reverse loan to rid themselves of the burden of the monthly payment.
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.
Until recently appraisers were able to take certain liberties on their report, but now they are having a rough time.
A totally "by the book" appraiser reading this might be a little hot under the collar. But everyone knows plenty of fudging was going on.
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.
With the frequency of appraisal reviews taking place, appraisers could possibly lose their license if they don't do things by the book.
I relayed all of this information to the potential client, and he hasn't called me since. I warned him that other lenders would assure him the highest possible appraisal.
Most lenders will promise it, but won't do anything differently when it comes down to it. I choose to let seniors know all the facts and risk losing them as a client.
posted by Debt Consolidation Loan at
6:40 AM
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