whats training like for reverse mortgages?
I just got a job with wellsfargo and dont have a clue of what i got into
By
Jerome S
Posted on
10/04/07 Total Answers
1
Answers-
what do you mean?? you want to sell reverse mortgages???
please dont do that. reverse mortgages target the older crowd of people-usually 62 to 65yrs or older depending on the state. The mortgage program offers them quick cash but what they dont realize is they are giving up the homes they worked their whole lives for a minimal amount of cash now. In return they are allowed to stay in their homes with a life estate, but when it comes down to it- by them accepting a reverse mortgage- they are offering up their homes for sale to the bank in return for the amount of money to help them through the last few years of their lives.
Hey its just my opinion but i think as a rep for a reverse mortgage you will be selling a quick fix to older poeple for that minute before they pass away- then wells fargo will own the home they worked their whole life for and intended on giving to their kids. Keep in mind older people are not up to date with these sketchy contracts of lending money that we know now in 2007. could you convince grandma to sign over her home for 30 grand? just do she can stay there for 3 or 4 more years? If you say yes then you should be a slummy investor.
