Posted by mmk on 5/3/13 3:20pm
Msg #468600

Reverse Mortgages

Where can I learn how to do a signing for a reverse mortgage?

Reply by Luckydog on 5/3/13 4:42pm
Msg #468622

As long as you grasp the concept and understand what it is, you should be fine. There is no place to go for training that I know of. I have done about a dozen or so, and no 2 have been a like. Some people take their money in one chunk, others on a regular deposit, other's as they need it...usually the LO goes over everything with them prior. Good luck. They do take longer and more things to notarize, and generally dealing with elderly, so a lot yourself more time for them and patience.

Reply by Pam/NM on 5/3/13 5:18pm
Msg #468626

Little difference

between a RM and a regular FHA refi. There will be 2 notes and 2 DOT's. The TIL will reflect estimated figures. And be patient. IME they are all talkers

Reply by BobtheElder on 5/3/13 5:43pm
Msg #468629

Not a great deal of difference, just duplicate mortgages and a few other docs.
If you are comfortable doing regular signings it really is about the same...

Reply by GOLDGIRL/CA on 5/3/13 5:56pm
Msg #468634

RM packages are slightly different than other loan packages, but nothing that's out of the ordinary. When you get your first one, just review it carefully, and you'll see it's pretty standard stuff. My general rule of thumb is that the LO be present at signing or on standby to take calls, cos RMs are a big deal and no way am I going to stick my neck out a fraction of an inch to "explain" anything to signers (especially to the very very elderly) that they might have questions about (unless it's something totally obvious, of course). Sometimes, the "counseling" they're required to receive is pretty hit and miss, as far as I can tell.

My .02.

Reply by MW/VA on 5/3/13 7:07pm
Msg #468641

I understand that Brenda/TX (one of our regular &

expert posters) has put together a training manual on RM's. You might do a search using the orange search button. Also, you can pull up one of her posts and send her a p/m.

Reply by Robert522TX on 5/3/13 8:47pm
Msg #468661

These are not a problem; just review before you go, and you'll be fine.
Be prepared to spend a little extra time, as the client for these sometimes likes to talk, and can have some great stories to share!

Reply by MonicaFL on 5/4/13 9:05am
Msg #468715

The packages are getting bigger - I just did one with 186 pages!!!!!

Reply by jba/fl on 5/4/13 10:14am
Msg #468724

The older the people, the more initials and signatures required also. (or so it seems. Every page of the Mtg/DOT needs to be initialed, including the notary's page)

Reply by Linda_H/FL on 5/4/13 10:23am
Msg #468726

As I said below...one size doesn't fit all

No initials required on Mortgage in the RM's I do. Ya just never know.

Reply by PRnotary/WA on 5/4/13 9:57am
Msg #468717

Hi, MMK

Send me an email and I'll send you a sample RevMort package with names blocked out.
[e-mail address]

I don't agree with the posters who say they aren't much different than refi's. There are a few big differences. Borrowers are nervous so you should know the following:

Insurance for the loan (not the property insurance) is a big fee on the HUD so you should know about that.

With HUD - backed RM's, there are two deeds so if something goes south with the bank, HUD can immediately take over the loan. Some RM's are not HUD - backed and those are a very scary situation for the borrower. The LO's like these because the commissions are bigger. I won't do RMs for Lenders selling non-backed loans - they leave the borrower out on a limb if the bank closes.

There are different ways for borrowers to get money: lump sums, monthly payments, etc.

The attachment I'll send you is several years old but it will give you a good idea of the mechanics of RMs and what to expect.

Best, LauraV

Reply by Linda_H/FL on 5/4/13 10:10am
Msg #468721

Just to interject here - one size does not fit all

I do RM's for a local LO - they are 112 pages, the borrowers are more informed than I am and they are most times easier than standard refi's I do. There's no surprises, no questions, all problems have been ironed out prior to getting to the table - the only wrinkle has been some borrowers are slower in signing than others.

I've done RM's for other companies too - and I've never had a nervous borrower. As I said - they all know what they're doing and why. My conventional borrowers are sometimes more nervous than my RM borrowers. My RM borrowers are, for the most part, relieved - they're seeing a light at the end of a very debt-ridden tunnel and they feel the burden lifting.

IMO we should not be involved in the insurance aspect of the loan - that's the LO's job and if it's not been explained to the borrower, that's a phone call to the LO or title - it's absolutely not our place to understand it or explain it - just point to it.

JMO

Reply by Robert522TX on 5/4/13 10:45am
Msg #468732

Re:right on Linda!! n/m

Reply by Donna McDaniel on 5/4/13 10:48am
Msg #468733

Re: Just to interject here - one size does not fit all

I don't believe Laura was advising the OP to get involved with the RM insurance requirement, just giving some useful information so when they see it on the HUD they know what it is.

I haven't had a RM in years, but her post was quite informational, IMO.

Reply by BrendaTx on 5/18/13 8:00am
Msg #470409

Re: Just to interject here - one size does not fit all

While one size does not fit all, I do believe that Laura's offer to provide a packet of info is helpful. At least the notary does not seem stupefied when the packet comes in. Yes, borrowers are indeed educated on their loans, but if the notary looks confused, that could go south in a heartbeat.

112 pages is a dream job. 212 pages for one package would be more the norm in Texas.