Sunday, March 23, 2008

Are Reverse Mortgages costs so much more than regular mortgages?

When speaking to Realtors, and even other mortgage brokers/lenders, etc., those that frown upon Reverse Mortgages often list their costs as way to high as one of their reasons they steer their clients away from them. As a Certified Mortgage Notary Signing Agent, I see all kinds of loans, and while I have always said that I felt their costs were in line with regular mortgages (IF you could take out the required Mortgage Insurance) I never actually sat down and computed the difference. Until now!

I do not remember how to calculate all the statistics as far as probability, and +/- differences, but here are the hard facts from about 5% of my loans. Most figures did not surprise me, some did, so here they are:

Average Reverse Mortgage Loan Amount - $205,462

Average Loan Origination Amount $4,059 - 2.0% (Highest 2%, lowest 1.8%)

Average Mortgage Insurance Amount $4,088 - 2.0%

Average other closing Amount $4,739 - 2.3%

Total closing costs $12,886 - 6.3% >>(without Mortgage Insurance $8,798 - 4.3%)<<

Average Regular Mortgage Loan Amount - $171,067

Average Loan Origination Amount $4,390 - 2.6% (Highest 4.9%, lowest fee 0.3% -
one was 0%!)

Average Mortgage Insurance $124 - .1% Average VA Fund $24 - 0.01%

Average Amount to bring to 1st of the month $165 - .1%

Average other closing Amount $2,190 - 1.3%

Total Closing costs $6,894 - 4.0%

I noticed the loan origination fees were always the 2% maximum allowed on the Reverse Mortgages except one which was less. On the forward mortgages, they average 2.6%, and two actually impressed me and had very little origination fees - including one that had none. I wonder about that one, as maybe there was a YSP, or something just not listed anywhere, but that was how it was listed anyway! 60% exceeded 2%, so the other 40% were less than the 2% charged. Prior to doing the actual computations, I thought forward mortgages averaged a much higher rate, so that actually surprised me that it was only .6% higher than average Reverse Mortgage origination fees. Another thing that caught my attention was how the other closing costs were a bit higher on Reverse Mortgages than forward mortgages. Although, in the end, like I have been saying all along, IF you could back out the required Mortgage Insurance, the closing costs ARE right in line with all other mortgages 4.3% RM to 4.0% Regular. As I said in the beginning, without doing all the actual statistics, in my opinion, to differentiate in closing costs by only 0.3% is pretty much very close!

In my mind, I always said that the closing costs were close (without the MIP) and these statistics back up what I felt all along. Some surprises, but not too many! Of course, the MIP is required for a very good reason, and certainly with it, it does boost the final costs, but always knowing both you and your heirs will never be burdened with a loan that exceeds the value of your home is not only a requirement for a good reason, but certainly a great piece of mind!


Title companies & mortgage brokers, help your borrowers- arrange to have their loan signed and notarized in their home, at their convenience by a Certified Notary Signing Agent (CNSA)

Southwest Florida Notaries is open for your mortgage closing 24/7 at your location (Based in Murdock, FL, near Port Charlotte FL, but covering all of Southwest Florida)

Sunday, September 23, 2007

Warrington Villiage PA home for sale

Beautiful home for sale in the historic Bucks County area, Warrington Village. Check it out!

For those of you that do not know the area, it is a rich historic area this is a terrific place to raise a family. The school district, Central Bucks, is one of the finest in Pennsylvania. This area is rich in history! Bucks County is famous nationwide for its historic sites, including the Mercer Museum, Washington Crossing Historic Park, Pennsbury Manor, and Pearl S. Buck House. From Peddlers Village quaint shopping, to the big malls of Montgomeryville, Willow Grove & Franklin Mills malls. It is close to Doylestown, Abington, Willow Grove, New Hope & Buckingham. Check out information about the area at:

This home specifically, is in the in desirable Warrington Village community! Serenely tucked away on a quiet cul-de-sac! Well-maintained and upgraded throughout, this fine home has much to offer! Newer renovated eat-in kitchen with gorgeous solid cherry cabinets, newer appliances (refrigerator also included), large pantry, great under cabinet lighting; spacious living room with cozy brick wood-burning fireplace; formal dining room; large 1st floor laundry room with ample storage space; four very spacious bedrooms; hall floored attic w/pull-down stairs for extra storage; French doors off kitchen lead out to a large patio and FANTASTIC professionally landscaped backyard. Maintenance-free exterior -- newer siding, windows and roof! Flexible settlement date!

Motivated seller will consider all serious offers!!

Main Features
Type Single Family
School District Central Bucks
Listing Status For Sale
County Bucks
Lot Size 16,683 SQ. FT.
Taxes $4,251.00
Zoning R2
Tax Year 2007
High SchoolCentral Bucks South
SubdivisionWarrington Village
999 Garfield Ct
Warrington - Warrington Township
PA, 18976
Property Details
Price $379,900
4 BR
Bathrooms 1.50 BTH
Listing ID 5063971

For more information, check out these sites


Title companies & mortgage brokers, help your borrowers - arrange to have their loan signed and notarized in their home, at their convenience

Browse The Rain for a qualified Notary Signing Agent in your area.

Southwest Florida Notaries is open for your mortgage closing 24/7 at your location

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Saturday, September 22, 2007

Use Southwest Florida Notaries

Use Southwest Florida Notaries to sign your mortgage papers at your convenience not the title companies

Monday, September 3, 2007

How would you like to sign your mortgage papers at your convenience?

Are you getting a reverse Mortgage or refinancing your home? If you are, you, the mortgage broker, loan officer, or title company can all choose the notary signing agent of your choice. You do not need to be forced to go to the title company at their location and at their convenience to get your paperwork signed and notarized. You have the right to choose your certified mortgage notary signing agent as well as the title company - by the way, Southwest Florida Notaries recommends Southern State Real Estate Services for your title work anywhere in Florida 239-931-7600. Recently, a friend of mine told her mortgage broker up front she wanted to use Southwest Florida Notaries as her signing agent to have her refinance papers signed. By the time the loan documents got to the title company, the message was lost, and they assigned a notary of their choice. She called them up and told them no, she wanted to use Southwest Florida Notaries, and that she had requested that in the beginning. They told her that was a very unusual request. She explained to them, it may be unusual, but she had requested that all along. In the end, they used me, and I saved them 33% off what the title company was going to charge - NOT giving her a special additional discount since I knew her. (With that, it was actually more, but my standard price was 33% less than they were going to charge her!) So if you are in the position of getting a Reverse Mortgage, refinance, getting a construction loan, etc., in Southwest Florida, insist your title company choose Southwest Florida Notaries as your Certified Mortgage Notary Signing Agent - and call us directly at 941-7-NOTARY (766-8279) (By the way, having them call directly is important because if they use a signing service to locate the notary to do the signing, that raises the price at least 50%)

We are open for your mortgage closing 24/7 at your location.

Monday, July 2, 2007


As a active member of the Sarasota Area and Charlotte County Chamber of Commerces, member of Business Networking International in Fort Myers and Executive Network of Charlotte County, I can connect you to some of the best business services in Southwest Florida. If there is anything you need, just ask!

Sunday, April 1, 2007

April already

It is now April, can you believe it? Thanks again for all that use my service, I also hope you like this new addition to my website.

Thursday, March 29, 2007

Welcome to the SW FL Notaries website blog. Please note: I am not an attorney, and as such according to Florida laws, I cannot give any legal opinions or advise, nor create any documents or forms that need notarized. I am a mobile notary, located in Port Charlotte, FL and run a business where I come to you for all your notary needs, including items not usually notarized by the banks including wills, trust, deeds, power of attorney, and yes, even weddings. I am also a NNA Certified eNotary and can electronically notarize any electronic document that needs notarizing & conforms to Florida laws. My specialty is witness mortgage signings, as I am a NNA Certified Mortgage Notary Agent with GLBA-Compliant background screening. That means I've been thoroughly checked by an independent company, and have the training to protect your private information that I have as a result of my job. I cover the Southwest Florida counties of Sarasota, Charlotte, Desoto, Lee, and Collier. My fees are dependant on the time & distance I need to travel to get to you. The minimum 1 item notorial request in Port Charlotte is $20 including travel, and the minimum loan signing charge with Edocs is $100. The highest fee in my coverage area can go up to $300, in Marco Island. Please let me know your feedback on my website and services provided.