Notary Signing Agent-Reverse Mortgage Training

Explore a glossary of reverse mortgage terms with definitions for appraisal, co-borrower, default, eligible non borrowing spouse, and equity. Also learn about FHA, HUD, foreclosure, and home equity conversion mortgage.

Explain the three reverse mortgage types—single purpose, proprietary, and home equity conversion mortgage (HCM)—and how non-recourse loans are secured by real property for seniors.

Explore FHA-insured home equity conversion mortgages backed by lenders, featuring upfront and annual premiums and payout options like lump sum, tenure, term, or line of credit.

Evaluate eligibility for reverse mortgages by confirming age 62 or older, primary residence, HUD counseling, and financial readiness including income, assets, and timely real estate taxes and insurance payments.

Review the 13 documents, including two mortgages and two notes, in the reverse mortgage closing package, using printed materials, notes, and lifetime mentoring.

Identify and explain the documents in a reverse mortgage closing, including hecm notes, hud-1 settlement and addenda, loan agreement, payment plan, truth in lending, counseling certificate, and closing costs schedule.

Explain the notary signing agent's role in reverse mortgage closings, including mandatory counseling, understanding set asides and loan costs, and guiding borrowers and their family members through the documents.

Learn how notaries protect the public from elder financial exploitation during reverse mortgage signings by verifying signer identity, recognizing warning signs, and reporting concerns to authorities.

Conclude by applying your knowledge of reverse mortgages—the who, what, and why—and handling closings with signers and family members, and learn how notaries can help prevent elder financial abuse.