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Billie Said:

How can I get a monetary hand in the Reverse Mortgage business if I am not a licensed broker?

We Answered:

depends on your state. get a salesperson's license and work for a licensed broker who has the connections with the reverse mortgage lenders and HUD. if you don't want to get a license, then work as an employee for a bank. or work for one of the internet shops and work across state lines.

Tiffany Said:

it is already out of the reverse mortgage so i dont have to pay 289,000,00 the house is not worth that no way?

We Answered:

You accepted over a quarter of a million dollars from the bank. YOu have to pay it back. YOu can forfeit the house, but you can count on them suing you for the remainder. They will just seize it out of your accounts. That is not your money in the bank, it is theirs. You can not rob them and keep the house, like does not work that way.

Holly Said:

how much does or can a real estate agent make in southern california?

We Answered:

No matter how bad the market is people always have to buy or sell their house do to job transfer, the need for a larger or smaller house or change of circumstance. During lean times it is cut throat to acquire a listing and to find a ready willing and able buyer but with experience and the ability to be a full time agent you can do it and beat out your competition for the business. Always be honest and never lie to your client. Never over promise but try to over deliver so you can acquire a good reputation. Never be lazy and act as rapidly as possible since time is of the essence and if you don't grab an opportunity someone else will.

Foreclosures have depressed prices and lowered the values of surrounding properties. If you are able to sell foreclosures and your buyer is willing to accept the various pitfalls and delays involved in their sale you can do well. If you are adept you can do even better selling tradiitional houses but foreclosures have made that market a little spongy.

In California the prices have risen too high to fast and the bubble burst. Each foreclosure lowers the price of other houses wiping out paper equity thus causing more foreclosures. With the lowering of prices it is a great time to buy that may never occur again for years.

Contrary to press reports the housing market has turned around in most markets with foreclosures stablizing with values and sales returning to normal. Unfortunately in a few places like Florida, Nevada and California the markets are still depressed but a place like California with it's large population growth there is a great need for new houses.

It might be a good time to get into real estate in California and learn your trade now since most likely in the next few months the market will be explosively good by the fall. Will the good old times return with never ending business? No but you will be able to do well and have several closings a year.

Roland Said:

Does anyone know any good ways for me to market myself and get refferals. I am a mortgage broker?

We Answered:

The best thing to do is start locally and use flyer's and business cards to post on doors around your neighborhood. I worked for a few months with a real estate office and we would have local loan agency's walk in and hand out flyer's for their business and talk to the loan agent for the Realtor they are always looking for new connections. Also look for houses for sale and leave your flyer's or cards there. And don't forget to try and set up a website for your business.

Katrina Said:

how can i get licensed to sell reverse mortgages?

We Answered:

You can originate reverse mortgages with a week or two of training. Usually, there is no license required to originate them, just passing some tests and a background check. Your state may vary. Look up Financial Freedom and Wells Fargo, two of the bigger ones involved. There are others.