Mae Flowers
Thursday, 30 April 2009 16:00
It’s mailbag time, and the internet has come alive with inquiries seeking reverse mortgage assistance for seniors experiencing difficulties due to economic impact. Many times the information received requires some thought and investigation prior to engaging the customer or their trusted advisor. While the interview component is key to the origination process, a few minutes of preparation time to develop a checklist of key areas to focus on prior to assembling the pages and pages of disclosures, figures and forms necessary to create the application package will be of particular benefit in most situations. Sometimes we do not hear what our borrower(s) is telling us or miss the opportunity to request additional clarification or documentation at the application session. Prepare yourself to meet Mae Flowers and her daughter for the first time.
Dear Mr. Rosynek:
I am writing to you as I live in California and am seeking your help to provide a reverse mortgage loan for my mother and her sister. My mother is getting more forgetful as the years pass by and she now requires more medical care than her funds will provide. My mother is 83 years old and was born in a small house on a farm in Alabama – I have never seen her birth certificate and the little town no longer exists.
She has lived in her apartment for 43 years – my father Robert purchased the building right after they moved to Chicago and he died shortly after I was born. Her second husband William left her several years ago and my Aunt Mary was forced to move in with her to help out. Mary sees to her daily needs. She takes care of all on my mother’s banking and financial matters as mother can no longer do this on her own and she doesn’t leave her apartment. While the trust papers say that Mary can help her, my father wanted to make sure there was a little something for each of us three children as well as aunt Mary.
There is a $65,000.00 mortgage on the property that I am not sure if they have been paying – mother keeps saying the taxman keeps sending letters. Part of the money was used to fix the roof and the heaters about 15 years ago. I do not know what the property is worth, however, I remember my mother telling me that one similar to it sold for about $235,000.00 two years ago.
I will be in Chicago on the 15th of this month and would like to meet with you if possible – please let me know what I need to do to begin the process.
Thank you.
So, here’s your chance. I am asking for your assistance to compose an e-mail response to Mae Flowers’ daughter giving her further direction and information – you may accept the appointment or defer based upon your assessment of the information provided. Next month, The Reverse Review will publish 3 responses for review by our readers.
.gif)