Reverse Mortgage closings are really not much different than conventional loans with regards to how long they can take. Either one can be short or long, depending on the borrowers, the situation, etc. Nevertheless, I always allow what I consider to be more than enough time.
I received a call to do a closing on Monday. It was a refinance. The borrowers already had the documents. They were delivered to them via FedEx. All I had to do was arrange a time for the closing with the borrower. I also had a reverse mortgage closing that day. It was scheduled for 11 a.m. I told the borrower who was refinancing that I would try to make it around 1:30 p.m. because I had another closing scheduled that morning.
Why was so much time allowed?
Two and a half hours is not how long a reverse mortgage closing should take. But the whole idea is that I am prepared to spend that much time. I want to appear relaxed. And that in turn will make the borrower feel relaxed. I don't want to appear that I am in a hurry. No looking at the watch or the clock. The borrowers can sense these things. So I want to go into a reverse mortgage closing with the feeling that I have all the time in the world.
The loan package for this particular reverse mortgage consisted of 88 pages. We were done in less than an hour. That even included time to allow the borrower to stop signing for a moment because her hand was cramped.
But they can take longer
By far the longest and most difficult reverse mortgage closing was because the borrower's wife was bed-ridden. And she was on medication. Notary signing agents should be prepared to deal with these types of situations.
Having a portable table can make things go more smoothly.
I had another closing in which the borrower was not able to get out to go shopping. I made a list of things that she needed and went shopping for her. No, that's not part of our 'job description'. It's called 'humanity'
Be flexible
Ideally I want to keep the documents flowing. I want the closing to take as little time as possible. Not that there is any hurry, but I'm mindful of the fact that people don't want to sit for a long period of time signing loan documents. I want to also be flexible. This should not be like an assembly line. If the borrower is uncomfortable and wants to stop for a while, then that is what we will do.
If you are a notary signing agent, try to keep all of these things in mind if you are assigned to do a reverse mortgage closing.
If you are a reverse mortgage borrower, and it's your closing day, then have your closing however you want it, wherever you want it, and for as long as you want to spend doing it.
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