As of lately there has been a surge of reverse mortgage loan signings. These signings deserve exta care due to the type of client that is requesting this type of mortgage. Most borrowers opting for a reverse mortgage are mature in age. They need or would like to live with out paying bills out of their pocket. By choosing a reverse mortgage they have the bank pay them, opposed to them paying the bank. This is a fantastic choice for most elderly borrowers, as long as their home is payed off.
The loan signing is slightly different in nature, but the most important aspect for the Notary to remember that the client needs more time. Be prepared to spend more time with the client. Reverse mortgage signings take more time and need to be handled with the utmost care.
There has been a rush of revese mortgage signings in the area as of lately. And from my understanding the laws are changing in regards to these types of mortgages. I would advise looking into the new regulations for your reverse mortgage for exact details or asking your mortgage excective for more information.
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