Posted by Kate/PA on 3/8/13 10:55pm
Msg #460178

Reverse Mortage?

My mentor gave information about reverse mortgage, I have been studying. But I would like to here firsthand from experience people. Are these typically harder cases, or do you find them somewhat "more pleasant" ?

Forgive again if I sound silly.

I'm a relatively new notary commissioned since August 2012 who mainly does basic notary at my home office & part time at an auto tag shop & mobile notary at hospitals & basic mobile notary in private homes.

I have been studying but still have not done a full fledged signing except for those two debt resolution things I mentioned Wednesday. Any advice is appreciated.

Reply by JENNY/TX on 3/8/13 11:24pm
Msg #460181

They tend to take more time. Must be very patient as some borrowers need a lot of hand holding and some know more than you do. May be asked to send back some ancillary paper work. Mostly just like regular refi, except 2 DOT\Mortgages and 2 Notes. Packages are usually bigger.

The one thing I will stress again; PATIENCE

Jenny

Reply by Beverly Kinlaw on 3/9/13 5:34am
Msg #460197

Yes PATIENCE AND TAKES MORE TIME

Reply by 101livescan on 3/9/13 8:52am
Msg #460206

AND, no one wants to pay enough for the time and materials to do this work. It is in my opinion, charity work. Allow three hours for each one, $125 for the signing fee, $41.75+/- hourly, less paper, toner, gas, your operational and business expenses. Chump change.

GNW pays way better. The fees associated with RM's are horrendous, but no one wants to pay the notary a fair fee to get the final documents signed and back to escrow to close.

I don't do these any more. I can be making $450 in back to back signings instead of making $125, it's a no brainer.

Reply by JENNY/TX on 3/9/13 10:46am
Msg #460228

I know I don't make a lot of money on these but I find that usually the borrowers really need this type of loan (home repairs, vehicle repairs\replacement, very little monthly income).

Most RM's I have done, if it weren't for the RM these people would not be able to stay in their homes. I do it as a pay back to elders, who have taught me so very much. And some of the greatest stories I have ever heard.

Jenny

Reply by Doris_CO on 3/9/13 10:26am
Msg #460216

BrendaTX has written a great e-book on reverse mortgages. She has posted this morning so her name is already on the current page. You can go to her name, click on it and send her a message about the book. You will need to be signed in to NR in older to send her a message.

Reply by Luckydog on 3/9/13 2:44pm
Msg #460281

Each reverse is different, so you need to read when you go with them. The principle basically the same, but the terms seem to very from loan to loan. You are dealing with the elderly, and they are bigger packages, and a lot of notarization typically. If you are new, I would stay away for awhile until you really are secure in doing regular closings. For myself, it was a learn as you go thing. I give myself 1 1/2 hours per closing on these.

Reply by rolomia on 7/2/13 5:57am
Msg #475380

I now avoid RM's like the plague. The RM client must be min. age 64 years old. It would be fine if most of the clients I met with during previous RM signings had sharp minds and weren't voracious readers. But, most of them took several hours to read and sign the unusually large packages. It's not worth the minimum pay I've received to conduct said closings. JMHO