Reverse Mortgage application

What documents are usually in a reverse mortgage application? I have never done one and am considering it because it seems to pay quiet a bit more on those… Judith


The reasonS they pay more are: Very large pkgs/200 not uncommon; you generally have to collect copies of many documents the signer has (& they rarely have 'em ready unless you pound on that during your Appt. confirmation call), LOTS of table time and some co.'s want it all faxed back. You are notarizing nothing in an App. Also, some signers just take a long time to sign their name…and there’s a lot of name-signing.


Thank you for this information. It is VERY helpful! Would anyone care to share what you think is a reasonable fee for a Reverse Mortgage signing?

Anything north of $200. There are two notes two mortgages and signatures everywhere. The signers tend to be older so you will see things like trustees and power of attorney. I find that even though many of the signers have already gone through a program they will not be signing quickly, they need time to sign. A two hour block is what you should plan for.

This is if the signing goes as planned. If they have a question you will need to call at the table to find the loan officer to explain the loan.


Well, I’m precipitous…just took a call asking to do one next week, asked what I would charge. I asked how big the package was and she said maybe 60-70 pages, so I said $100.

Perhaps I’m charging $200, and paying $100 for tuition…?

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The rest of the story…I just got a text with the actual offer, it was for $40. Forty??? I countered with $200. We shall see where it goes.

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Remember you’re only doing the application, not the final signing; $200 IMO is a bit steep and you’re going to quote yourself right out of business; yes the people are elderly but you only make one copy (I usually made a copy of the Estimated Settlement Statement for their reference in dealing with the LO during the underwriting process) - there is nothing to be notarized in the application except for maybe a Signature/Name Affidavit; you DO have to collect copies of various documents which, most times, they don’t have ready so make sure you go over that in your confirmation call. These can take a bit of time because of that - but RM applicants know more about these loans than we do many times - they’ve been educated and know the process.

I used to charge the same for these as I did for the final loan signing as they do take time - most important - the company saying “and we’ll give you the final signing and pay you for both then” - ummm… nope; two separate transactions, two separate payments, payment for app signing due net 30 - remember, you may not get the final signing - loan may not go through (and I’ve seen that happen with RMs), you may not be available, people may change their mind, … yeah…too many “ifs” - pay me, 30 days.

JMO and good luck


Thanks! As a complete newbie, I didn’t know the difference. I have since done a reverse closing. What is typically involved in a reverse application? How big are they?

Of note, most business entities that schedule reverse mortgage applications don’t tell you at the time of scheduling the appointment, but IF the signers decide to NOT proceed with the reverse mortgage, they will not pay for your services.

In addition, most will withhold payment for the services professionally provided until the reverse mortgage application has been approved & the Borrowers have agreed to proceed.

So, it’s important to ask at the time of the call to schedule a reverse mortgage application:
“What is your payment turnaround time please?”

“What is your payment policy if the Borrowers choose to not proceed with the reverse mortgage please?”

If their response is: “You’ll be paid, regardless.” Great! (but that would be unusual/not the norm).


I did one last month 273 pages, took me 2 hours.

The Application!!! Never have I EVER seen an app that long…ever…are you sure it wasn’t the final signing??

Who is editing my posts??

No I didn’t had to notarize it plus it was in Georgia so it would to have a attorney at the closing. The signing company didn’t tell me it was refi app. They list it as other when I got the docs and I see it was and 273 page. I almost went off especially the pay $50, but I told them I couldn’t do that signing for that. They agree and pay me more.

Ok… HOW much more? Oh I need more words:)

There will be approval type of documents and a lot of endorsements in addition to what looks like a seller/buyer package. For example, loan extensions, variable rate, reverse mortgage agreements and addendums, you might see double of documents that have to be recorded, including a second deed of trust securing a reverse mortgage loan, maybe with home equity conversion. A settlement statement which will have a lot more line items, maybe a payoff for first mortgage. Normal insurance forms and there might be a tax and insurance form where they have to sign off on if they want lender to pay property charges with mortgage or if the signers will pay themselves.

Also check ink requirements closely. Some of these may require signing in black ink as opposed to the usual blue.

Double check initials requirements as there may be quite a few places for them to initial. If they need to send a wire, be sure they have a copy of the wire instructions and the amount.

The packs are around 200 pages and require significantly a lot more time to sign than other closings. Depends what’s being done, payoffs, purchases, etc. Generally there’s just a lot more lender documents and title documents to be signed.

This is for notary closing, I have not went out to any reverse mortgage applications. Didn’t realize they send notary to apply for a reverse mortgage…

Might not be helpful :confused:

Interesting insight. I have not gone on any applications. I don’t know, they make me nervous. I had one assigned to me, called the person and he’s like why is a notary coming out to do an application. I’m not finalizing anything. It was awkward and I now tend to avoid anything with loan applications.

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How did yours go, if I may ask?

Boy, I’m late in responding here…
The Reverse Application: never got selected
Reverse Closing: went pretty well, not really different from refis that I’ve done.