Posted by Pelli6678/PA on 1/13/09 12:42pm
Msg #274344

Reversee Mortgages

Just got a request to take a reverse mortage signing. Are there any major differences or is the same as any signing?

Reply by MistarellaFL on 1/13/09 12:51pm
Msg #274345

Yes, you really need to research reverse mortgage

so you can answer questions like...

"why am I signing 2 notes?"
and "why are there 2 mortgages in the package?"
"this form says I am getting out XXXX, but I was promised I could get XXX, XXX. Where's the rest of my money?"

"will I get my money monthly or all at once?"

Oy vey.

Reply by Lee/AR on 1/13/09 12:58pm
Msg #274348

Re: Yes, you really need to research reverse mortgage

And there seems to be an infinite number of variations in the way that these are structured as to 'how do I get the money'. One size doesn't fit all RMs.

Reply by SReis on 1/13/09 1:27pm
Msg #274350

Re: Yes, you really need to research reverse mortgage

I have to disagree to some extent. You should know the basics but if there are any real specific questions re: why am I getting xx & not xxx as someone else posted, then call the LO & let THEM explain it. I always make sure to have LO contact info w/me at a RM siging. Most of the borrowers are fairly well versed at that point anyway due to the req counseling.

Reply by Pelli6678/PA on 1/13/09 1:44pm
Msg #274353

Re: Yes, you really need to research reverse mortgage

Aren't questions supposed to be directed back to the LO? Isn't my job to make sure that docs are signed, and in the right places and appropriate id is verified as with any other signing? Also can you suggest research sources? Thnx

Reply by Marian_in_CA on 1/13/09 1:49pm
Msg #274354

Re: Yes, you really need to research reverse mortgage

Not exactly. The reason for two notes, etc. is not a loan specific question that should be directed back. This is a common procedure with RMs and can be answered by the signing agent. They're not difficult, they're just different in some ways.

Reply by MistarellaFL on 1/13/09 2:17pm
Msg #274359

Best resource I know of:

http://texnotary.com/forsale/reverse_mortgage_notebook.htm

Reply by Pelli6678/PA on 1/13/09 2:33pm
Msg #274363

Re: Best resource I know of:

Thnx

Reply by MW/VA on 1/13/09 3:36pm
Msg #274369

RM's aren't difficult--just a bit different. I would advise getting some knowledge before "winging it" on a RM.

Reply by Pelli6678/PA on 1/13/09 7:29pm
Msg #274404

Thanks much.

Reply by ChristineHI on 1/13/09 8:35pm
Msg #274412

Well to a signing agent not that much in my opinion. Of course, they do not make a payment so that is strange. So you won't see a monthly payment like on a regular mortgage note.
The most challenging part is the borrowers are usually seniors so the signings can take longer sometimes.
I don't normally say much in my signings anyway, just brief descriptions. On reverse mortgages, I usually don't explain anything. I don't understand them anyway. I tell them I am not an expert in reverse mortgages so I cannot explain much to them and if they have questions let their agent know.
The borrowers have to go through a class before doing these so they actually usually know more than I do about how they work. :-)
Remember, we are there to make sure these borrowers sign correctly and are not there to advice them.
I am a loan processor and have been for 16 years, but that is not my job when I do signings.
You have to be very careful what you say so if you are not sure better not to say anything.

That is how it is for me.