
Explore reverse mortgages, review the documents and consumer requirements, and gain confidence as a notary signing agent through the 80-page document package and elder financial exploitation insights.
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.
This course is for the Notary Public and Loan Signing Agent that wants to take on the additional specialty of handling Reverse Mortgage signings. The additional training will teach you about the reverse mortgage clientele and their mindsets. After completing this course you will have an understanding of the reverse mortgage process and be able to better serve your clients, closing agents and loan officers.
The reverse mortgage product has a few unique aspects to it. Educating yourself about all of the details will place you in a position to act with compassion and help the clients who may feel or appear to be overwhelmed with this process.
After completing this course, you will be in a position to add an additional stream of income to your notary business. You will not feel intimidated by the reverse mortgage process or your ability to effectively handle the documents and assist your clients.
The student taking this course should already possess a very good working knowledge of the duties and responsibilities of a Notary Loan Signing Agent.
In this course, you will learn:
* An overview of the Reverse Mortgage Process
* Terminology relevant to Reverse Mortgage closings
* The consumer requirements for a Reverse Mortgage
* Unique documents used in this type of closing
* The perspective of the Reverse Mortgage Notary Closing Agent