The Reverse Mortgage Good Guy promise:
"When I close a Reverse Mortgage for a client I will donate a portion of the Origination Fee income to a charity* of the customers choice." (See the chart below for specific dollar amounts.)
(In order to do this we must be informed, at the time of the initial contact, what charity the customer wishes to have us make the donation to.)
We are all painfully aware that deserving charities are not receiving the donations necessary to help them perform their stated purpose. Because of the current economic conditions most of us don’t have disposable cash that we can contribute to help the situation.
However, some of us have cash that we don't know we have.
The idea is this:
Whenever a Reverse Mortgage Good Guy, "RMGG" does a Reverse Mortgage for a qualified "Experienced Adult" the client can give the "RMGG" the name of any *Charity, School, Medical Support Group, Animal Shelter or other bonafied community service organization (anywhere in the nation) that they want to. When the transaction closes the "RMGG" will provide that Entity with a check to be used for anything they deem beneficial to their cause.
The amount of the donation will be on the following schedule, based on the Appraised Value of the subject property securing the Reverse Mortgage.
If the Appraised Value is $400,000 or more: $500.00
If the Appraised Value is $350,000 to $400,000: $450.00
If the Appraised Value is $300,000 to $350,000: $400.00
If the Appraised Value is $250,000 to $300,000: $375.00
If the Appraised Value is $200,000 to $250,000: $350.00
If the Appraised Value is $175,000 to $200,000: $300.00
If the Appraised Value is $150,000 to $175,000: $250.00
If the Appraised Value is $125,000 to $150,000: $200.00
Because the Reverse Mortgage Products and the allowable Closing Cost are controlled by rules from the Federal Housing Administration, the Reverse Mortgage client cannot be charged additional fees to make up for the donation.
This money would be paid out from the standard Loan Origination Fee that is charged to the customer anyway.
Three winners from each Reverse Mortgage:
1. The Client gets the Reverse Mortgage that they need or want, at no higher cost or interest rate.
2. The designated orginazation receives some un-expected financial support.
3. We do more Reverse Mortgages.
Because the donations are given by the "RMGG" from the usual income received when completing a Reverse Mortgage, the above list is not "final" and the "RMGG" who originates and closes the Reverse Mortgage has the option to accept other suggestions from our clients.
Under no circumstances will the donation be made to a politician or any political group.
The final decision as to where the donation is made is at the sole discretion of the "Reverse Mortgage Good Guy".