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 Notary Tips
 Reverse Mortgages - the basics
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crtowles

California
553 Posts

Posted - 06/07/2010 :  3:12:52 PM  Show Profile  Reply with Quote
To find out just about everything that you need to know about reverse mortgages, you can go to the HUD website to read all the pertinent information posted there. You can always call Wells Fargo or any of the lenders that advertise on television and have them send you the RM information packet. All this information will help you understand how these loans are different that a traditional mortgage. This way you are prepared. I would not however pay for one of these courses that I have seen on some of these websites when there is so much free information to be had with a little research on our part.

Carmen
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PWinFL

Florida
469 Posts

Posted - 05/18/2010 :  05:02:50 AM  Show Profile  Visit PWinFL's Homepage  Reply with Quote
A couple of points of clarification:

1. Reverse mortgages are only for homeowners 62 and older. That is, EACH homeowner must be 62 or older. To get around this issue, some lenders will take a younger homeowner off title to allow the older homeowner to qualify.

2. There are three options for payments under a RM: (1) lump sum; (2) monthly payments; (3) a line of credit. The 'borrower' also has a fourth option which is a combination of any or all three payment plans.

3. In Government issued RM's, there will be two notes and two mortgages or DOTs. In private RM's, there is only one of each since the Secretary of HUD is a party to the RM.

There are two very important disclosures that you will see in the RM package that is often confusing to the homeowner: (1) Amortization Schedule and (2) comparison of interest rates over time. Typically, the amortization schedule is figured out until the youngest homeonwer attains an age of 100. You may need to explain why the principal on the loan and the equity of the home show significant disparity in the later years.


Never drive any faster than your guardian angel can fly.

I am not an attorney licensed to practice law in the State of Florida,
and I may not give legal advice or accept fees for legal advice.


Visit us online at http://www.PAWnotary.com
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jbelmont

California
3026 Posts

Posted - 05/18/2010 :  12:34:45 AM  Show Profile  Visit jbelmont's Homepage  Reply with Quote
Reverse mortgages are a common form of mortgage in today's loan signing industry.
A Reverse Mortgage is generally for elderly people, and the terms of the mortgage
are that the "borrower" receives a payment every month rather than making a payment.
They are basically slowly drawing off the equity of their house. In this economy, for your
house to have any equity, you would need to have had it for at least a decade.

There are two notes and two mortgage deeds in a Reverse Mortage.

There are certifications for reverse mortgages, but these are not
generally mandatory. Signing companies may be
uncomfortable hiring a notary do sign a reverse mortgage if its their first time.
Its good to familiarize yourself with this type of loan before signing one, but
as a notary, its not you job to understand the documents. Your job is to make sure
they get signed and notarized properly.

What do notaries say?
One notary says that Reverse Mortgages are not hard, but very different. The signing can
can take longer than other signings. The signers are usually elderly and
like to chat more, and take more time to do things.

Another notary says that Reverse Mortgages are not that different, and are easy
to understand.

An expert who lists with us says that a Reverse Mortgage has a few extra forms to
be signed and takes longer to sign. Also, the signers may have physical or health
problems which require the notary to be patient.

Signing fees for Reverse Mortgages are often high, so you should become familiar
with this type of loan so you can make the most of your signing agent career!

For more reading, please see:
http://www.123notary.com/forum/topic.asp?TOPIC_ID=2675
http://www.123notary.com/forum/topic.asp?TOPIC_ID=1984

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