The signing took a good 2 1/2 hours, mainly the signers making sure their numbers were up to par and to ensure they’d signed in the right places. Performed on the morning of April 28, 2015, the signing included 107 pages to be signed by the borrowers and 183 pages to be printed for them to keep.
Why so many pages for a reverse mortgage signing? In a reverse mortgage situation, the borrower or borrowers are usually 62 years of age or older. The only instance where one of the borrowers may not be 62 years of age is the situation in which they are the SPOUSE of someone who is 62 or older. There are many complexities within such a transaction as this. Because the government does regulate these transactions and the companies that order these transactions, mandatory counseling and prior disclosures of any impending closing must be provided along with the application.
Because these packages are so large, companies will hire notary signing agents to assist, or oversee, said transaction to make sure all goes smoothly. For more information on reverse mortgage transactions visit the Federal Trade Commission site by clicking HERE.
Assignment performed by Certified Notary Public Signing Agent Sonita M. Leak.