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The Truth About Origination Fees

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Clear Guidance & Open Communication Needed

fees-bagTruth be told most prospective reverse mortgage borrowers focus on the cash benefit, not the pricing. That soon may be changing and each of us as reverse mortgage professionals had best be prepared. Last week the Mortgage Professor, Jack Guttentag,  published a article on his blog entitled “Are HECM Reverse Mortgages Overpriced?

As our industry struggles to shed our reputation as an expensive loan of last resort perhaps we should consider a few ways in which uninformed homeowners approach the loan and how we communicate when it comes to origination fees.

First of all origination fees are often a necessary…

 

Download a transcript of this episode here.

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5 Comments

  1. Using a specific set of genetic markers, scientists predicted with 77-percent accuracy whether someone would live to a very old age so your not always dealing with numbers. Seniors know their family history which changes their decision..
    Also the Ivy league genius has quotes on his website that some guys just blow away

    • Tommy,

      Stop the belittling.

      Jack is one of the reasons why we have HECMs. Over three decades ago, he was at the forefront almost fighting solo for a FHA insured reverse mortgage.

      Pointing out his calculator shows high upfront costs is not a problem but why call him names?

      You seem to enjoy attacking friends of the industry just for its own pleasure.

  2. The link to full article/discussion on cost does not match up, seems to go to extenuating circumstances from last week.

    • Thank you for bringing this to our attention. We have fixed the link to correctly link to this week’s episode transcript. Happy Labor Day!

  3. Keep it simple -don’t over analyze it Jack-We’re not rocket scientists !!


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