ADDING: In this instance, the OP is referencing a reverse mortgage application.
Under all circumstances, I strongly CAUTION anyone from accepting this type of Signing Order [SO].
Why?
The hiring entity will advise (only if specifically queried) that the professional signing agent [PSA] will be paid for the professional services successfully provided IF & WHEN the loan signing is COMPLETED (not the application).
In essence, that could be MONTHS into the future OR NEVER ===>>> if the Borrowers [BOs] determine that they DON’T WANT to proceed with a reverse mortgage.
Try your best to learn vicariously via the Notary Cafe forum wherein others share their direct experience, so that others can hopefully AVOID the pitfalls.
Pay more than what? The usual con is that if you do the mortgage application, you’ll also get to do the reverse mortgage signing. Question, do you know what a reverse mortgage is and, most importantly, who qualifies? Reverse mortgages are a great thing, but your signer is usually really old and totally disorganized. If you’ve ever applied for a home loan or refi and thought that the information the lender needed to lend you the money was unbearable. Just think if you were having to do this for someone else that probably is incapable. If you like helping old people get their s%#t together, then this is right up your alley.
I stopped doing reverse mortgages about 2 years ago. The confusion of the signers, long time needed to sign, and missing information ,coupled with the usually 200 or more pages was just not worth my time for what they were paying. .I have only done one application and that was painful, with missing information and signer confusion too.
I’m just about done with reverse mortgages as well. They are $100 here and i always ask for a print fee on top and usually get that. I just can not handle the customers anymore. It is not my job to gather up your paperwork and print it, email it from YOUR computer to me, reset passwords they can’t remember, doing all the extra things to get the job done. The last assignment, husband/wife, the wife had Alzheimer’s and was not able to sign!! The same application, the originator put down the loan fee as $20,000. I thought it was odd that he called me and told me if anything was wrong, to call him and he’d walk me through it. Not my first rodeo but thanks. I was beyond angry that someone would try to take advantage of older folks this way. I’d rather not put myself in those situations anymore.
A reverse mortgage application mostly asks for your personal info, finances, and home details. You’ll also need proof of completing the HUD-required counseling, and the lender will check your home’s value and title.
