Reverse Mortgage closings: the borrower's comfort

By
Services for Real Estate Pros with Mobile Notary Services

I got a call this morning to do a Reverse Mortgage closing.  No problem. I have a lot of experience with reverse mortgages.

Out of that experience I have learned that, because of the age of the reverse mortgage borrowers, there are certain things that I want to keep in mind.

Of primary concern is their comfort.  It's difficult enough for most borrowers to sit through the many loan documents that need to be signed in a closing.  But it can be even more difficult for the elderly. 
I make it a point to tell the borrower to feel free to halt the signing at any time if they want to get up and stretch, or if they need to get up for any other reason.  I assure them that I am in no hurry, and that they can take as much time as they want.  This alone can make them feel more comfortable.

Something else that I have learned from my experience as a notary signing agent is that, not all closings are done at a large table while sitting in chairs.  There was one borrower who was confined to sitting in a recliner.  And another who had to lie on the sofa.

reverse mortgage closing locationYes, there are many different closing situations that we find ourselves in.  So it came as no surprise when I got the confirmation for the closing that I was called to do and saw this in the address portion:

It's at a care center, here in Colorado Springs: 

My first thought is to get as much information as possible. 

 

How can I make this closing as comfortable as possible for the borrower?  Will I need to bring anything special?  I have special tables and other things to facilitate a closing. What is the condition of the borrower?  There are so many things that are going through my mind.  When I make the confirmation call, these are the types of things that I will want to know.

Reverse mortgage closings are not much different than any other type of closing.  We want to provide the borrower the best service that we can.  But with a Reverse Mortgage, there is something else that we want to be mindful of:

their comfort.

 

Comments (2)

Kathy Wynn
Barbara Corregano Real Estate - Staten Island, NY
Your Short Sale Specialist

 We have a few listings in our office with reverse mortgages.  Your blog was very informative. 

Jan 07, 2009 07:46 AM
Leon Austin
Mobile Notary Services - Colorado Springs, CO
Colorado Springs Mobile Notary

Kathy, thank you. And good luck.

Jan 07, 2009 09:37 AM