The health and safety of our constituents and the demographic we serve is of utmost concern for NRMLA. As the country has become aware, people over the age of 60 are most at risk of developing critical illness from COVID-19/coronavirus, and NRMLA is reinforcing the importance of a safe distance for all parties during any in-home visits related to a reverse mortgage.
We strongly urge all members participating in any borrower interaction to follow specific guidelines from the Centers for Disease Control and Prevention, as well as state and local authorities and we encourage all borrowers to do so as well.
For their safety and yours, please take the following precautions during in-person visits:
- Anyone who is experiencing symptoms or has been exposed to someone who has been diagnosed with or is being tested for COVID-19 is to avoid meeting in person with customers. Likewise, if the borrowers themselves sound or appear unwell, or has been exposed to someone with the virus, do not accept the appointment.
- Avoid touching such as shaking hands or patting on the back
- Maintain a safe distance of at least 6-8 feet
- Avoid touching anything in the property other than what is needed to conduct business, similarly avoid using any facilities like the restroom or kitchen
- All parties should sanitize hands before and after the signing, through either hand washing or hand sanitizer
- Use latex gloves for yourself and the customer if it makes anyone feel more comfortable
- To the greatest extent possible, everyone in the presence of vulnerable people should wear a mask
- Wipe down the surface of any shared or borrowed item with an alcohol swap (pens for signing, handing over a phone or tablet for viewing, etc.
- Do not lick fingers to turn pages when reviewing paperwork
- Have tissues readily available for coughs and sneezes
- Do not accept food or drink if the borrower offers
- If you have traveled internationally to any destination, please refrain from visiting borrowers for at least 14 days from the date of your return
- Do not take public transportation unless urgent and absolutely necessary
- Be cautious when traveling by air domestically or when attending public events. Err on the side of caution upon your return to ensure you remain healthy before engaging with borrowers.
It is our privilege to serve seniors by providing stability through their home equity.
It is our responsibility to respect the risk posed to seniors’ health during this time.
- U.S. Department of Housing and Urban Development
- Weiner Brodsky Kider. NRMLA’s outside counsel has created a page to track breaking news with regulatory developments.
- Consumer Financial Protection Bureau
- Fannie Mae Lender Letter 2020-04: Impact of COVID-19 On Appraisals
- Freddie Mac Bulletin 2020-05: Selling Guidance Related to COVID-19
- U.S. Treasury Secretary: Signing Agents Are Part Of ‘Essential Services’ During COVID-19 Emergency
- CA Secretary of State: State’s Notaries May Work During ‘Shelter in Place’ Order With Precautions
- Consumer Groups to FHA Commissioner: More Protections Needed For Reverse Mortgage Borrowers (Letter submitted on March 24, 2020 by National Consumer Law Center and 41 other consumer advocacy groups)
The following web resources provide clear, official and regularly updated information on the novel coronavirus COVID-19 threat:
CDC (Centers for Disease Control and Prevention)
WHO (World Health Organization)
Advice and guidance from WHO
COVID-19 Resources for Business Owners
- Repository of articles, guides, and government information to aid business owners (Maintained by MIke Gruley of 1 Vision Advisors)