One of the primary reasons for utilizing Notary Signing Agents is to provide a convenience to the borrower.  We make it possible for the borrower to sign their loan documents wherever it is most convenient for them.  This can be practically anywhere, but it is usually in the comfort of their own home.  This is especially beneficial for Reverse Mortgage borrowers.

Notary signing agents have always played a significant role in the Reverse Mortgage process when it comes time for the borrowers to sign their loan documents.  We print the documents, take them to the borrower, get the required signatures, then deliver the loan documents.  We take care of everything for the borrower.

But there is another way in which Notary Signing Agents provide a convenience to the borrower: the Reverse Mortgage application.  I get called to do these from time to time.  I had one recently.

The Confirmation Call

Notary Signing Agents typically make a confirmation call to the borrower to confirm the appointment.  This is especially important for the Reverse Mortgage application, since there are several stipulations that must be met.  For the most part they are documents that the Notary Signing Agent is supposed to collect, such as photocopies of the borrower's identification, insurance documents, ... etc.

What I do at the time of the confirmation call is go over the list of things the borrower should have ready -- item by item.  This alleviates a lot of frustration and anxiety on the part of the borrower.  They aren't trying to find things on the day of the appointment.  And if there is something that they can't come up with, the borrower can be told what to do.  This not only puts them at ease, it makes the whole application process go a lot more smoothly.

Digital camera or portable copier

Since stipulations are such a large part of the application process, and providing a convenience to the borrower is a primary concern, I understand that not all borrowers are able to get out of the house to make copies of the required documents. And not everyone has a copier in their home.  So I bring my digital camera to make copies for them.  I also have a portable copier that I can bring.

HECM Counseling

One of the requirements for a Reverse Mortgage is that the borrower receive counseling from an approved HECM counselor.  The borrower is asked to provide the original of their 'Certificate of HECM Counseling'.  This particular borrower would receive counseling later that day. This is not unusual.  I made a note of it so that it would be understood why the certificate was not included in the application documents.

Visual Inspection

The Notary Signing Agent will also be required to make some observations on the condition of the home. I had a 'Visual Inspection Form' with about 5 questions to be answered.  Some of these will require input from the borrower.  Others can be answered by making an observation, such as what condition the property is in.

Borrowers Copies

The Reverse Mortgage borrower is entitled to receive copies of the application documents. 

There is one particular document that I separate from the rest and staple.  It's a small booklet entitled: 'Considering a Reverse Mortgage?'

The Reverse Mortgage application process is a vital step towards obtaining a Reverse Mortgage.  And Notary Signing Agents can be very instrumental in this step.  It doesn't take long.  And if the Notary Signing Agent has prepared everything, it should go very smoothly.

There is one thing that I found noteworthy. One of the stipulations that I was to collect was a copy of the borrower's mortgage statement.  Don't be surprised if the borrower tells you, as I was told:

"I don't have a mortgage."

It must be nice.