Your Questions About Reverse Mortgage Lenders

Daniel asks…

heirs and reverse morgtage upon death of home owner?

Is there any law when the heirs of a home with a reverse mortgage loan don’t let the lenders know borrower died and continue to receive the monthy payments and live in the house.what is the punishment

admin answers:

That would be rather stupid. Why wouldn’t they just sell the home, and then get a lump sum for the equity?

A reverse mortage is just a loan against the equity, so they are just borrowing against their own money, and then paying interest on it. Reverse mortages have fixed terms as well, even if the person who took out the loan when ther term expires, then have to pay the mortage back in one lump sum, usually by selling the home.

Joseph asks…

capital gaines taxes and no money will be made from the sale of our fathers home?

no profit will be made from the sale of our fathers home 1ST mortgage and 2ND ( some kind for reverse mortgage ) has to be repaid to lenders , Brother says we have to pay capital gains taxes . I know he is full of it ! He also says we don’t have to repay the 300.00 2ND ( reverse mortgage ? that paid my father 5,000 each month for 3 years ) and for 6 months that my brother cashed anyway after Dad died

admin answers:

Whoever is the executor of your father’s estate should be using an estate attorney to advise him/her on these matters. You won’t get informed advice here. However, any taxes due on the estate’s assets are paid for by the estate prior to final settlement. Heirs are not taxed directly.

Susan asks…

A lot of people think, to take some of the spotlight off of Barack Obama?

A lot of people think, to take some of the spotlight off of Barack Obama, that John McCain will announce his vice presidential choice this week. And most think it’s gonna be Mitt Romney. See, I don’t know. You know, when Romney and McCain stand together, doesn’t it look like one of those slick Countrywide lenders trying to trick your grandfather into reverse mortgage
what do you think?

admin answers:

I think most Americans are going to reject McCain/Mitt and their lobbyists friends.

Richard asks…

How do reverse mortgages work, in simple terms?

I must be stupid or something, but I’ve been reading about reverse mortgages and I just can’t seem to understand the concept.

My boyfriend’s dad just decided to do it. He has some mental illnesses and tends to get taken advantage of, particularly in regards to money. Unfortunately his wife passed away last year. Essentially, what is a reverse mortgage and what does that mean for my boyfriend (in simple terms, please)? Why are you given money? What’s in it for the lender? Will the house still go to my boyfriend if his father passes away? Does this cause you to go further into debt?

I believe he bought the house 25 years ago for $80,000. I estimate it’s worth $120,000 now. Pretending he still owes $30,000 for it… what does that situation look like?

admin answers:

My peers are partly correct.

A Reverse mortgage is exactly what it sounds like; instead of the
borrower making monthly payments to the lender after getting
a lump sum payment……the lender lends the borrower a fixed monthly payment. NO payment is due to the lender till the
end of the mortgage when either…….
The borrower has died and the estate does not want the house
so the lender forecloses.

Or……….the insurance if there is any, pays back the
lender and the house is debt free to the estate.

Or, if the borrower lives long enough, at the end of the
mortgage life [loan], he needs to re-finance
the home so that the lender is paid back.

Mandy asks…

How often does Soc. Sec. reverse a “favorable” decision?

We receive disability.

My mortgage lender goes “Oh my, your case is reviewed in a mere two yrs instead of three yrs!!”

“OH MY!” indeed!!!

Am I correct to fear that they may reverse my case? Wouldn’t logic conclude that a reversal of the original decision (by a judge) was “wrong” and that I would be responsible to pay back money from like fraud or something?

It’s not fraud.

I’ve owed (and went bankrupt) over $20,000 medical bills. I’ve been institutionalized at 2 times for over a month each, and once for a week (on a few different hospital stays.).

I’m trying to buy a house. should I use my $19,000 settlement for a $19,000 problem fixer upper house, or should I resort to making payments -like most grown up adults tend to do- for the rest of my LIFE?! Put down payment on a $60,000 house? I fear losing my source of income (disability)!!!!!!!! I could have a no payments need problem house. (is it a “problem”? I don’t know. I’ll need the structure guy, the pest control official, and the septic Environmental healthy guy to deem the place “livable” … ) anyway, believe it or not, the cost would be the same :

$44,000 (if you add the potential problems: new roof expense 12,000 $ in 2 yrs, in 3 yrs maybe new septic at $10,000) or should I buy a
“perfect” $60,000 house With a new roof already on it? I put down my $10,000 or $19,000 and get $6000 back from the Gov Obama house stimulus (yes I qualify. I had to make a lot of phone calls, as I do not even FILE taxes, but Yes, I CAN file a “tax amendment” to receive back the gove. $6000 on my $60,000 house)

do I need to fear losing my disability claim?????

I’m Manic Depressive Bi Polar…. documented. It will never go away… but… I have sporadic periods of work history and NOT so good work history! I’ve even worked (what some people call “high stress”) high responsibility bank teller jobs. I was the “assistant job set up person” in a factory (by default. None of the older gentleman wanted to learn the computer.I’m young. I’d love to learn the cpu.).

what are your thoughts on this?

(I’m not going to fix the roof myself, I’d hire someone.) but you know what, that $60,000 new roof house will not be so “new” in 30 yrs. I’ll have to replace it in 30 yrs!!!!!!!! Good Grief!!!!!!! Does this ever end?
I plan to pay $19,000 cash for the house, and save $800 per month towards the roof. In 1-2 yrs we could pay someone to fix it. Same for the septic, in the next 4 yrs we will fix that one. There are too many people living in the house, taht is the problem. A small woman and small baby will use less septic than three adults and a child currently there.

admin answers:

The problem you will run into is that if you buy a fixer upper, you take the risk of not being to qualify for a $12,000 loan for a new roof since you will also owe $44,000 for the loan of the house. It will be hard to qualify on disability for two large loans. You should go for a home that is as problem free as you can find it. Most people put down 20% when purchasing a new home. You also will have the occasional repair such as heating/air expenses and even replacing the units which costs around $3000. Then there is the hot water tank about every 10 to 15 years. Also appliances break down and need repairing. Then there is the plumbing when it goes on the blitz, and you will have the added repair of the septic tank.

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Your Questions About Reverse Mortgage Lenders

Nancy asks…

Regarding Reverse Mortgage, what is the pros and cons of HECM lenders vs. non-HECM lenders?

I have done a lot of research regarding reverse mortgage and I understand that this is much like “Payday Advance”. The overall interest including all the fees, etc. are substantial however, it is an opportunity to have the money now. I’ve own my house for close to 35 years now all paid up. It’s a comfortable place situated in a comfortable neighborhood. I don’t want to leave it and go to Belize where I can live on my social security alone. It’s the comfort that I don’t want to lose. If and when I’m incapacitated then I’ll land up in an old age home of sorts. My children are fairly well off and the inheritance left from the house may just cause trouble among them. So by augmenting my income now from this mortgage, I hope to gain a bit more quality and comfort of life. I fully understand the position many contributors endorsed. The math stinks overall. But I wish to enjoy life now. When I croak either way I become the loser. But thanks for the inout.

admin answers:

Money Magazine had a report on reverse mortgages.
They considered them one of the worst financial mistakes a person can make in a lifetime.

They suggested to sell your home.
Take the cash equity and buy a much smaller home or rent.

Are you sure you really want a reverse mortgage.
They are big money makers for the brokers – they can be very pushy
Keep your head on straight with them.

At age 80 – are you really going to want to be taking care of a home?
Cutting the grass, making repairs, fixing faucets.
Get a condo – and let someone else do all the work.

Charles asks…

Reverse Annuity Mortgage?

What are the risk factors associated with Reverse Annuity Mortgages from lenders‘ and borrowers’ point of view? Explain how they would affect lenders and borrowers

admin answers:

Every reverse mortgage I have seen has been an FHA program for older people and they normally choose to get all the money in one chunk. They are set up so that the owner never has to make a payment as long as they live in the house- but if they go to a retirement home they will need to sell the house and (because of the interest build up and maybe the weak real estate market) the seller might owe more than the house is worth. Again this FHA program is pretty good because it is a non recourse loan so that all the lender can do is take the house – they can’t file against you personally.

Robert asks…

How does a lender benefit from reverse mortgage?

Looks like, what I read tells me, the lender pays the homeowner roughly up to 65% of the home’s value, or up to $625,000

What is the benefit for the lender to put up such cash? Do they collect the house when the borrower dies? Or at any point? What must a borrow “violate” or “do wrong” for the lender to “win” (in comparison to traditional mortgages, where a person stops making payments and the lender collects his house).

What does reverse mortgage mean to a person’s heirs? Can they inherit the house? Or can the lump sum be inherited (and if they do, does the house go to the lender?)?
So is a typical reverse mortgage something like this?

a) Old Joe has a house worth $200,000
b) reverse mortgage lender offers him $130,000
c) when he dies, his heirs either allow the lender to have the house or pay back the $130,000 which their father took.
d) I’m not sure where the “interest” comes in? What does the borrow have to pay? Does he start making payments back to the lender the first month he gets his lump sum of $130,000 ?

admin answers:

My peer is correct. YOU seem befuddled about reverse
mortgages. They are not much different from regular ones.
Money is lent, collateral is put up and the lender earns

IN this case, during the history of the loan, the borrower
gets money. EVERY month. AT the conclusion of the
history of the loan–when the mortgage payments are due
to cease, the home owner [whomever that is at the time]
re-finances the home or sells it to pay off the lender.

A reverse mortgage can be from near nothing [4%] of the valule of the home
to 100%, it is all negotiable.

Ruth asks…

Who are the lenders for a “Program 69 Mortgage”? What states is this “Loan Program 69” availiable in the US.?

Better than a reverse mortgage it is specifically for seniors over age 69.

admin answers:

Dear ,

I was also searching for same thing couple of days ago and found this one


Jenny asks…

Why don’t people realize that a reverse mortgage is a scam?

Sadly, large companies with big PR departments get away with expensive ads on television about the greatness of reverse mortgages and what they can do for you. The truth is all it will do for you is give you dribbles of money on your own equity while a lender has your money and just pays taxes. If you have paid off your house you can simply sell it and get all that money in hand. Don’t be scammed!
For those who are wondering about my credentials. I’m a successful real estate investor and I am well read on the processes involved. I simply want people to be aware of this. I expect a mortgage lender to say that this is a good thing. You are the people who are the scam artists.

admin answers:

And I suppose your better idea would be for the old people of america to just quit claim their homes to you instead and expect you to take care of them.

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Tips For Choosing A Good Mortgage Lender

The mortgage lender you choose is just as crucial to the home buying process and the loan itself.

Consider that your relationship with a mortgage lender will last anywhere from 15 to 30 years.

From that perspective, it only makes sense to shop around for a lender that you can work with for that length of time.

Factors to Consider

National mortgage lenders are often better sources of funds than local lenders. With a national lender you often find diversity in the products offered as well as advanced funding capability.

While the costs of the loan are important, choosing a mortgage lender is about more than just the money.

The lender’s reputation is another factor that you should take into account when choosing a mortgage lender.

The length of time the lender has been in business will give you an indication of their reputation.

You should also check with the Better Business Bureau to see if the lender has any complaints against it.

If you are considering a national lender that operates in multiple states, make sure to check the status of that lender with the BBB in other states.

Asking your family and friends for the name of the mortgage lender they use is another way to find reputable lenders for your mortgage.

The financial aspect of your decision for a specific mortgage lender should be based on the closing costs and interest rates. When you speak with a lender, ask for details on the closing costs and rates of the loan. Make sure to find out how many points you are being charged. The points are the amount you pay for the loan and are a percentage of the amount you borrow. Your goal is to minimize the extra costs of the loan as much as possible.

Lenders to Avoid

Download a free ebook that shows you how to get the best mortgage: Mortgages Your Complete Guide Ebook

What to Look for when Choosing a Mortgage Lender

There are many things that you are going to have to look for when you are choosing a mortgage lender. It is going to be very important for you to find the right lender, because the right lender will translate into the right loan for you. For many people it is going to be important for you to make sure that you have the right loan, because it is vital that the loan is going to be something you can count on for the rest of your life. Therefore, you need to be sure to have the right loan, and, along with that, the right lender.

There are also several things that you are going to want to look for in a lender, so be sure that you are focusing on the most important aspects of the lending process. Finding a good lender is never something that you should rush, so you want to be sure that you can do all that you can to take your time. If you are trying to find a lender in a hurry, chances are always good that you might end up messing up and picking the wrong type of lender. This will lead to you having problems with the loan that you end up getting, so take your time, no matter what!

Good History and Reputation

The first thing that you want to look for in a lender is history. It is going to be important for you to choose a lender that has been around a long time, especially with tricky market conditions today. A newer lender might not be able to provide you with what you need, and they might not have the experience that it takes to be sure you get the best loan for you. Therefore, you might be stuck with a bad lender if you choose someone who has been around for only a few years. Try to choose a lender that has a long history, because they’ll be better able to get you what you want when it comes to loans.

However, there is something that is equally important as history, and this is important today with all of the crises that affect lenders. Just as important as history is a good reputation. You need to make sure that your lender has a great reputation, meaning that they are good at what they do and they have been good at it for some time. Stay away from lenders who have made poor financial decision in the past, or lenders who look like they might be in a bank situation that is not going to last very long, even if those lenders have been around a long time. Do some checking into the stability of the lender and make sure that you are choosing those that are very stable and that will be there for the long haul.

People Say Good Things

Next, you are going to want to be sure that you are picking a lender about which people are saying good things. Do some listening to your friends and family members who have gone with a certain lender and make sure that you are hearing good things before you go with that particular lender. Stay away from any lender that you hear bad things about, unless you know that the things you are hearing are faulty. It is a trick time to borrow money today, so you want to be sure that your loan is not made any worse by lenders that might have problems.

Friendly and Accommodating

You also want to be sure that the lender you choose is friendly and accommodating to you. This is very important because you might have various situations that you need a lender to focus on, and they should be willing to work with you. Be sure that they are friendly and that they make you feel good when you meet with them. Also, be sure that they are willing to work with you and with any problems that you might have.

Have Lots to Offer

Lastly, find a lender that has lots to offer to you. Focus on the different types of loans that they have available, and on what you might consider getting from that lender. Because you never know how your credit will work out, you want to go with a lender who looks like they will have lots of options, especially for you if you aren’t going to be the typical borrower.

Sandy Darson is a freelance writer who writes about topics and financial products pertaining to the mortgage industry such a fixed mortgage available from a mortgage lender.

Apply For a Mortgage Through a Bank or a Mortgage Broker?

Mortgage brokers on the other hand are professionals that work with most to all of mortgage lenders. When you go to a mortgage broker they will analyse your credit and situation to decide which lender/s are best for you. They will then help you complete applications and submit these to lenders on your behalf.   Some mortgage brokers work with a selection of mortgage lenders but you can find many that will search the whole of the market. Whole of market will mean every deal on the market has been checked giving you peace of mind, you will know that the deal you have is the best possible deal for you. Some mortgage brokers can find smaller out of town lenders that may just offer you the perfect deal. <P>

The mortgage broker will be working hard to secure a mortgage for you as in return they earn a fee from the mortgage lender. Some do also charge broker fees for the service they provide.   To find a good mortgage broker ask friends and family. You should be able to find at least one person who has recently used a mortgage broker. Mortgage brokers do a lot of their business through referrals, so the good ones should already have their name about. <P>

Ordering your credit report is definitely something you should do before approaching a mortgage broker.This will give you time to contact any businesses that have made mistakes when adding details about you. The lender will base acceptance of a loan on your credit file. In the current market any defaults will mean you’re refused for a mortgage. These discrepancies need to be corrected before applying for any mortgage. Taking your personal copy of your credit file isn’t recorded but if you do have to make multiple applications because others are declining it will lower your score and make it even harder to get a mortgage.

Kim has 2 years experience in the financial service industry and working with mortgage advisers. She enjoys writing on various financial topics.

Maine Mortgage Lenders

Why is it so important to find the right Maine Mortgage lenders? In simple terms, a mortgage is a house loan. However, most mortgages don’t only refer to first-time home purchases or loans. When people decide to refinance their house or get a home equity loan, it is still be called a mortgage. In Maine, it is most important to acquire a mortgage lender within the state. Most states have laws that pertain to property purchases. So, in theory local Maine mortgage lenders would be best suited and educated to finance people’s homes.

Maine mortgage rates may not be the same to those in another states. This is mostly due to the fact that some parts of the state are always developing and real estate is an exploding business. So, all your searching for the best and most practical loan it is important to find a Maine mortgage lender and lenders that can provide the best financial situation for your personal needs.

Today, the search for the best mortgage lender is much easier than in previous years. Most Maine mortgage lenders have helpful websites that are designed to answer your questions and provide affordable deals. These secured mortgage sites can offer home affordability mortgage calculators that will require possible clients to fill a few easy and basic online forms. These include loan types, your down payment and expected rates.

When potential clients provide information on independent mortgage sites it allows several Maine mortgage lenders to compete and provide the best mortgage rates. You may also want to look through a mortgage directory and compare these rates.

Maine mortgage lenders may offer some different rates depending upon the customer situation. This act is a result of individual Maine mortgage lenders provisions and guidelines. However, a lot of these lenders willing to discuss options that may help you to acquire an affordable mortgage. Some individuals may also decide to hire a listed mortgage broker. These brokers have great working relations with a number of lenders, and will almost always be able to settle for a better mortgage rate.

Troy Francis is author for century mortgages. You may read more about this article by going to

Tips For Choosing The Right Mortgage Lender


Our home is the single most expensive purchase that most of us make. A decision that is almost as important as which house to buy is which mortgage lender to use. It is important that the entire transaction is handled efficiently and professionally and hopefully you will be signing the papers on the designated closing date. Some lenders specialize in a specific product or service; just make sure that your lender is adequately qualified to handle your particular situation or requirements.

Just like choosing your new home, it is beneficial to shop around and compare not only the services offered and the fees involved, but also the various lenders offering these mortgages. You might want to ask yourself whether or not they are experienced and efficient, how long they have been in business and if they are conveniently located. After all, you will probably be visiting them several times during the loan process. And of course you will want to deal with people who are friendly and helpful as well as knowledgeable.

One of the best ways to find a suitable mortgage lender is to ask around. Ask friends, family or co-workers who they may or may not recommend. Word of mouth is one of the best forms of advertising. Check with the Better Business Bureau to find out whether there have been any complaints against a particular lender. If the lender operates in several different states, it might not hurt to take the time to check with the Better Business Bureau in those other states. If you are searching on the internet or browsing through the phone book, don’t be persuaded to go with a lender just because they have the biggest advertisement.

One of your biggest decisions may be deciding between a larger national mortgage lender and a smaller local lender. Both of these lenders can have their pros and cons. A larger national lender is often a better source of funds; they may have a more diverse range of products and services and may be in a better position financially to lend you money in a particular situation. There is no doubt that a larger company has a better chance of weathering today’s tough economic times, although several large and well known names have had to merge recently to stay afloat.

Arguably, a smaller and locally based lender is sometimes able to offer more personal service. Such a company may also have more experience and knowledge of the local housing market. This is something that absolutely may benefit you in your search for a house. A smaller lender may be anxious to come out on top and keep your valuable business. However, a local lender may not be there for you when you need them to be. Do they have a web site or a toll free number with help available 24/7?

Some lenders have a relationship with a particular real estate agent or company and you may feel pressured to use that lender, though you certainly aren’t obligated to. If your realtor is insistent that you use a particular lender, he or she may be compensated if they bring business their way, this arrangement is commonplace. However, if the suggested lender is reputable and you feel comfortable doing business with them, it does at least save you the time and trouble of shopping around.

There is also the financial angle to consider. What about your personal want to not only get the best possible service, but to receive the best interest rates and closing costs? The ultimate goal is not only to save as much money as possible, but also to have everything explained clearly and in detail. Beware of any hidden charges or fees which weren’t apparent when you originally applied for the loan and also be wary if your lender mentions a “settlement fee” as well as a closing fee, they are basically the same thing. If in doubt, ask to have all these costs in writing before you commit to anything.

When choosing a lender, closing costs will be one of your biggest concerns as they can add up rather quickly. You can expect them to usually total between 2% to 5% of the purchase price of the house. You need to pay the closing costs as well as the money you give as a down payment. Ask for an estimate of the closing costs, as a lender is required to give this to you. This is sometimes known as a good faith estimate, although surprisingly there is actually no law stating that the actual costs must reflect the estimate. Consequently it isn’t unusual for closing costs to be somewhat inflated or adjusted. You should also ask your lender for full details of the mortgage points.

You may be enjoying a close relationship with your mortgage lender for the next 30 years, take the time to choose the lender that is right for you.



Shawn Thomas is a freelance writer who writes about economic issues and financial products pertaining to the mortgage industry such a fixed rate mortgage as well as the lowest mortgage rates.

What Happens to Second Mortgage After Foreclosure on the First?


I have a foreclosure soon to take place on my first mortgage. What happens to the second mortgage if it is paid up to date? I was so stupid that paid a company XYZ $1000 to negotiate a plan for paying the first loan. they promised me that the first mortgage lender would surely accept their plan. But they dropped the ball and the first lender won`t take anything. Now, it`s just 10 days left for the foreclosure sale. The lender is simply trying to blame it on me. Is there anyway I can get back the $1000? What`s going to happen when they sell off the home? Will the sheriff come and keep all my possessions if I`m still there in the property? I`m so upset, I could have used the $1000 towards the first mortgage instead of paying XYZ. What do you suggest now? 


Once the first mortgage lender forecloses your property, he will sell it to the highest bidder in the foreclosure auction sale. The sale proceeds will be used to pay down your first loan and then the second. If there is a shortage, and the first lender fails to retrieve the entire first loan balance, he may give you a time period as per the state or bank laws after which you`ll have to vacate the property. There`ll be a date set by the Sheriff on which he`ll come and evict you if at all you don`t move out.

Now, when the first lender carries out a foreclosure sale, the second mortgage lender can take the following steps:

File a deficiency judgment against you if the foreclosure sale doesn`t cover the entire second mortgage loan balance.

File a civil judgment against you in court or garnish your income.

Bid for the property at the time of foreclosure sale in order to recover the money the second lender has invested.

Even after the first lender sells off property, the second lender can pay off the required amount of money to the first and get back property at the end of the redemption period.

Apart from the steps above, the second lender can also charge-off any unpaid debt after getting a part of the sale proceeds when the first loan is paid off. This means that the second lender considers the debt as uncollectible. But you still don’t lose your obligation to pay off second mortgage after foreclosure.

A 2nd mortgagecharge-off will have a negative impact on your credit score. So, try to repay the charged-off debt and request the second lender so that he reports to the bureaus who can then update the status on your credit report as “Paid Charge-off” or “Settled Charge-off”.

In case you don`t pay off the charged-off debt, it may be considered as income and depending upon the state laws, you may have to pay tax on the unpaid debt. However, if your lender forgives the unpaid debt, you may not have to pay tax provided you qualify for tax relief on mortgage debt forgiveness.

What I suggest is, save up your money for rent because foreclosure is inevitable as it`s only 10 days left for the sale. Also, try to negotiate with the second lender so that he accepts the amount that you can pay off in easy installments. This will help you avoid a charge-off being reflected on your credit report.


Samantha Taylor is a contributing Financial Writer, Moderator and Community Mentor of MortgageFit (Largest Mortgage Community). She specializes in mortgage and real estate field.

Mortgage Broker Marketing Tips

The role of mortgage broker is growing day by day. A mortgage broker generally works between the borrower and a mortgage lender. Since mortgage brokers represent varieties lenders and loan programs, the borrowers use them. Again the lenders need not do any marketing and are dependent on the mortgage brokers.

Being a mortgage broker is not a difficult task. You have to be very sincere .Your will and confidence is highly needed.

First of all you should know the rules and guidelines that are related to mortgage broker marketing. The complete loan process is the important subject to remember. When your customers ask you different questions related to marketing, you have to satisfy them. Different steps and requirements should be known by you. The tools that will bring your success should be used.

As a successful mortgage broker you must know how much you will make on each loan. You have to interpret them and quote a correct price. The trend of steps should be at your finger tips. As a mortgage broker you should abide by the laws. Violation of laws can lead you to prison house.

Customer satisfaction is the first and foremost condition if you want to be an adept mortgage broker. Your clients should be satisfied because of being placed in a right price. Be a confident broker and enrich your knowledge in mortgage programs. You may be asked by varieties questions asked by your clients. Some of them are very frequent questions. Prepare yourself in such a way that you may appear as an utmost professional.

You should go through a credit report in a regular basis. Your customers should be guaranteed to be helped by improving their credit for lower rates. Your customers should be in the proper loan program and get your loan approved. Locking a lone is another important factor. It will help more income per loan. Besides you should attend the seminars and enrich your knowledge. There are several courses on mortgage broker marketing. . You can be admitted to such courses and make your confidence level high.

Don’t forget that you differ from a loan officer. The loan officer works directly for the lenders. But your job is to act as a middle man between the lenders and the borrowers. You need to be licensed. Mortgage brokers are needed to be licensed in most of the states. Be a mortgage broker and more money per loan than that of a loan officer.

So don’t be anxious about your boss’ frown. Give up the monotonous job that makes you tired. Grab the opportunity and make more earning. Just give up the manual labors and enjoy the hours meant only for you.

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The author is a business building coach to The Foreclosure Industry. To get a Free Online Mortgage Officer Training Course in Short Sales, Go here Mortgage Broker Training for more information visit: