reverse mortgage commissions

The amount of money that reverse mortgage loan officers earn per loan varies depending on a number of factors, including the lender, the loan amount, and the terms of the loan. However, in general, reverse mortgage loan officers earn a commission on the loan amount. The commission is typically a percentage of the loan amount, and it can range from 1% to 3%. For example, if a loan officer originates a reverse mortgage for $200,000, they could earn a commission of $2,000 to $6,000.

In addition to the commission, reverse mortgage loan officers may also earn a salary from the lender. The salary is typically based on the number of loans that the loan officer originates and the amount of money that the loan officer earns in commissions.

The total amount of money that reverse mortgage loan officers earn can be significant. However, it is important to note that the amount of money that a loan officer earns is not necessarily an indication of the quality of the service that they provide. It is important to do your research and choose a loan officer who is qualified and experienced.

Here are some things to consider when choosing a reverse mortgage loan officer:

  • Experience: Make sure the loan officer has experience with reverse mortgages.
  • Qualifications: Make sure the loan officer is licensed and insured.
  • Reputation: Get referrals from friends, family, or colleagues.
  • Fees: Ask about the loan officer’s fees.

By following these tips, you can increase your chances of finding a qualified and reputable reverse mortgage loan officer who can help you get the best possible deal.