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Renee
Michigan
549 Posts |
 Posted - 12/10/2006 : 6:20:31 PM
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Just a head's up - not all Reverse Mortgages have two Notes and two DOT/Mtg's. Only those that are Federally insured have two. RM's that are NOT Federally insured (such as Fannie Mae's and those that are privately funded) will only have one Note and one DOT/Mtg.
There are myriad training options out there - books, seminars, on-line courses, etc. Just Google "Reverse Mortgage training" for an endless list. Once you understand these products, the only two differences you'll really notice at the closing are:
1. The borrowers, having gone through their own 'training', are far more informed than most borrowers we serve.
2. This is often a much bigger event for the elderly - there may be relatives and brokers there, usually cookies or cake, and lots of chatty conversation. Schedule enough time so that you will not be rushed or stressed, and in turn pass on that 'rushed' feeling & stress the borrowers. Enjoy the cookies and be patient. |
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roe2don
Florida
7 Posts |
Posted - 12/10/2006 : 12:50:36 PM
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Thanks Linda I appreciate your help. You explained it very well. How often to you come across the reverse mtg.
Rosemarie Conti |
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crtowles
California
553 Posts |
Posted - 12/10/2006 : 12:32:04 PM
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Very nice explanation Linda :)
Carmen |
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lkassis
Iowa
60 Posts |
Posted - 12/10/2006 : 12:01:04 PM
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If you are not familiar with the loan package, you can cause the borrower to be hesitant and even cancel the loan. Yes there are two mortgages and two notes and you need to know why. A Reverse Mtg is guaranteed by the gov't. Once the borr goes through with the loan and expects proceeds from the loan over the remainder of their life, if the lender become insolvent who will protect the borr interest to continue to receive their proceeds according to the loan agreement? This is why there are two mtgs and two notes. One is with the lender and one is with the Dept of Housing and Urban Development. In the event the lender becomes insolvent the second mtg and note kicks in and the gov't guarantees the contract. Many times there is a counseling form to be signed by the borrower to say they did take the required counseling. There will be FHA/VA type documents that have signature spots that can be easily missed. Dealing with older borrowers takes a certain, certainty (should I say). If you appear uncertain you may make them concerned. Generally, the dispersement type (lump sum, monthly payments, line of credit, etc) has not been determined at the time of signing the documents. What makes a Reverse Mtg different from a regular mtg? The ones we are used to dealing with are known as a forward mtg. A forward mtg is paid down with time. A Reverse mtg does not have payments that the borr needs to pay back. A reverse mtg builds debt with time. There are many differences with a rev mtg.
Nothing in my posts should be construed as legal advice. I am not a licensed attorney in any state.
Linda Kassis
Midwest Notary Association
www.mwna.net
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Edited by - lkassis on 12/10/2006 12:01:33 PM |
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crtowles
California
553 Posts |
Posted - 12/09/2006 : 01:53:13 AM
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A reverse mortgage is really no different from a regular loan for our intended purposes. It does have two DOT's (Mortages) and two notes. It has a few more disclosures but nothing you could'nt have handled. The only thing is that they do take longer than usual. You will be dealing with an elderly person and they need a lot of hand holding. It is better if the loan officer is there. If possible request that he get there before you so that you don't have to wait for him/her to go through he entire loan package. Next time take the job! Nothing to it.
~Carmen |
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dfye@mcttelecom.com
New Hampshire
681 Posts |
Posted - 12/07/2006 : 11:57:22 PM
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Just a general definition for notary use.
Legal Eagle Para Professional Services |
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loanwolf
Florida
7 Posts |
Posted - 12/07/2006 : 11:24:31 PM
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dfye: I think you'll find that Reverse Mortgages are not limited to long term equity draws, and may also include lump sum disbursements, or a combination of both.
With regards the original question, it's asking what the difference would be in a signing package for a reverse mortgage from a refinance or purchase.
I don't know, but will try to find out, and post back here. |
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dfye@mcttelecom.com
New Hampshire
681 Posts |
Posted - 12/07/2006 : 9:43:19 PM
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Mortgage: A pledge of property (esp. real property) to a creditor as security for the performance of an obligation (esp. a debt involving the property), the pledge being extinguished once the obligation is satisfied.
Reverse Annuity Mortgage: A mortgage in which the lender disburses money over a long time period to provide regular income to the borrower, and in which the loan is repaid in a lump sum when the borrower dies or when the property is sold.
Source: Black's Law Dictionary New Pocket Edition - Revised from A to Z -
Legal Eagle Para Professional Services |
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roe2don
Florida
7 Posts |
Posted - 12/07/2006 : 8:14:45 PM
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I got a call to notarize a reverse mtg. They asked if I ever did one and had to say no. They wanted someone experienced with this. What is the difference in notarizing a reverse mtg as opposed to a mtg.
RC in Florida |
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reverse mortgages
