The Reverse Mortgage counseling session explained in detail. When a potential borrower looking for a reverse mortgage decides that this may be the best avenue to take for them financially, they start to look for a lender to help meet their needs. Once you have found a lender, they will go over some of the preliminary questions you may have and give you a breakdown of what the loan structure is and what to expect from a reverse mortgage. But before any lender or bank moves forward with an application, they will inform you that you must meet with a Reverse Mortgage Counselor to make sure you understand everything about a reverse mortgage.The reverse mortgage counselor aids you in the process of receiving a reverse mortgage. They go over the program eligibility requirements, any financial implications, possible alternatives to a reverse mortgage and repaying the loan.
Before meeting with a counselor you will need to print out this packet HECM Counseling Packet (Required). This will give you a head start about what you will be speaking about with the counselor.
The reason that HUD and the FHA have made it mandatory to speak with a counselor is not to try and be a nuance, but just to make sure that you have all the information to understand what a reverse mortgage entails. Because this might be a complicated product for some to understand.
The goal of the reverse mortgage counselor is to discuss the features and benefits of the program and any potential downsides to it. Also, they are not there to steer you away from the program or towards it. They are there to just give you all the facts.
To find a counseling agency, visit FHA HECM Roster. Here you can find the closest counselor near you. Also you may be able to talk with a counselor over the phone. Typically, the cost of meeting with a counselor ranges from $90 – $125 and the fee cannot be paid by the lender.
Below is a quick list of the most widely used counseling agencies in America for the reverse mortgage program.
Please fill out the contact form at the right to have a qualified representative contact you!
Agency Name Website Link Telephone
National Foundation for Credit Counseling Website (866) 698-6322
Money Management International Website (877) 908-2227
Consumer Credit Counseling Svc of Atlanta Website (866) 616-3716
National Council on Aging Website (800) 510-0301
ClearPoint Financial Solutions Website (877) 877-1995
Springboard Website (800) 947-3752
HomeFree Website (301) 891-8423
Greenpath Website (888) 860-4167
Neighborhood Reinvestment Corporation Website (888) 990-4326
Reverse Mortgage Counseling Session Explained
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Reviewed by Merlyn Rosell
Published :
Rating : 4.5
Published :
Rating : 4.5