The best Reverse Mortgage training guide for NSAs out there, IMO, is available from Brenda Stone of http://www.texnotary.com/. You can order a copy for just $9.95 by emailing her at

TexNotary@gmail.com

Also, you can take the HUD counselling program training, like I did.  As you said, it is not needed, but it certainly helps you know & explain the documents better!

Leon,

I strongly disagree with your statement"There is no special "training" that notary signing agents need to do reverse mortgages."

As the former sales manager for one of the top 10 lenders in the industry of the biggest problems that we encounter is the lack of the settlement agent's knowledge of reverse mortgages. It is for this reason that we encouraged our loan officers to attend as many closings as possible.

Reverse mortgages are unique product in the mortgage industry and originating them is made ever more difficult by the nature of the clientele purchasing them. Because seniors are by their nature fearful of change and skeptical of anything new, guiding them through the reverse mortgage process requires an extra level of knowledge about the product and the questions that often arise during a reverse mortgage closing.

Our experience is that well over 90% of all the settlement agents are unable to answer even the most basic questions about reverse mortgages, and worse yet, would often answer the senior's questions incorrectly when asked. At my former company, our experience with local settlement agents and title companies was so poor that ultimately, we required that title work go to two national title agencies that specialize in reverse mortgages and provide training for their settlement agents and the basics of reverse mortgages.

While it is certainly possible for settlement agents to read about and learn about reverse mortgages without the benefit of formal training, in my experience few actually do.  For those seeking to know more, most would prefer to attend some kind of training class so that they're able to answer the most common questions asked at closings by the senior clientele. In fact, my company has been approached by several title companies to put together a training program for their settlement agents.

The bottom line is, that if you're seeking to do more business and environmental where the most rapidly growing segment of the mortgage business you need to obtain more than a cursory knowledge of reverse mortgages.

Sorry, but I closed many reverse mortgages as a notary signing agent long before I became a Reverse Mortgage Consultant and there is no special training necessary.

 As Leon stated as a Notary Signing Agent you are neither a "closing agent" nor "settlement agent". As we are constantly reminded no matter what kind of loan documents we are contracted to get signed & notarized correctly is we are there only to get the correct signatures NEVER TO ANSWER QUESTIONS. If more notary signing agents kept this in mind our job would be a lot easier. 

The borrowers are also supposedly counseled by a FHA approved representative. I also have never met a loan representative who wanted the notary to answer any questions--they want their clients referred back to them.

I have been a Certified Notary Signing Agent as well as a Loan Officer for several years. The positions are separate and should remain separate...if for no other reason than a conflict of interests. Besides if anyone wants a notary signing agent to act as a settlement agent there should be bigger fees involved if only to pay for the necessary increase in our E & O insrance premiums.

Again, as Leon said we are not "closing agents" nor settlement agents".

Leon and Lynn,

My choice of the term settlement agents was an unfortunate and unintended choice of words, but I would stand by my comments had I used the term signing agent. I am not suggesting that signing agents become an expert in the field of reverse mortgages, or even be prepared to answer any questions beyond the most basic ones.

For sure, no signing agent should answer any question that they are not absolutely certain of. But your training as a signing agent I am sure required you to know the difference between a fixed rate mortgage and an adjustable rate mortgage.

In the same way you should know the difference between a forward mortgage and a reverse mortgage which in it's practical application is much different from a forward loan. As I stated before, no formal training is required, and their may be no legal requirement for you to know anything about it.  I think you owe it to your clients and their customers to know the basics of reverse mortgages are and how they work.

Not to seem disrespectful or even contrary but as our notary certification training reminds us constantly, we as notaries are to answer only questions as to where the person is to sign and never why. This is also drummed into us during legal classes and in law offices. Our skills are necessary for more than loan documents and the consequences for unauthorized practice of law can be severe and that line is sometimes very blurred.