Reverse Mortgage Counseling

Required and Important!

About Reverse Mortgage Counseling
Reverse mortgage counseling or HECM counseling (HECM=Home Equity Conversion Mortgage) is required by HUD on all reverse mortgages. HECM counseling is done by phone with a HUD-approved and trained counselor. Counselors are not loan officers nor do they represent any particular lender. They are an independent HUD-approved counselor who has been trained in counseling to walk you through the tenets of a Reverse Mortgage so you understand reverse mortgages as well as your responsibility in the transaction.

What to Expect When You Attend Reverse Mortgage Counseling
The purpose of reverse mortgage counseling is to help you make an informed decision. Your counseling will last about forty minutes to one hour, and depending on your questions. Your reverse mortgage counselor will discuss the reverse mortgage program and review your alternatives. Your counselor will go over your budget to see if a reverse mortgage is the right vehicle to suit your needs.

After your HECM counseling is completed, your counselor will send or email a HECM Counseling Certificate to you which your counselor will sign and date. You will also sign and date the certificate and then provide this certificate to your reverse mortgage specialist. Of course, you will retain a copy. Once your reverse mortgage specialist receives your HECM counseling certificate, the reverse mortgage process can begin.

NOTE: There is a fee for HECM counseling, typically $125-175. This fee may be postponed for 90 days at your request and processed as part of the reverse mortgage rather than out of pocket.

Safeguards are important.

Who Can Attend Reverse Mortgage Counseling?

All interested parties to the transaction may attend. Family members may also be on hand for reverse mortgage counseling. In cases where there is a Durable Power of Attorney and the borrower is incapacitated, the person holding the Power of Attorney will attend the counseling in the borrower's place.

HECM counseling is considered a safeguard to the reverse mortgage transaction and will give you an extra layer of protection so when you make your decision, you are sure that you're taking the right step.

Got Questions? 631-804-9044 or 888-843-9797 or

HECM FOR PURCHASE CLICK HERE

WHAT IF A REVERSE MORTGAGE ISN'T FOR ME?

WHAT ARE THE ALTERNATIVES? THERE ARE MANY.

ALTERNATIVES TO A REVERSE MORTGAGE

• Other refinance mortgages -WE DO THEM ALL!

• Public Benefits: Government programs such as Medicaid
* Community loans for low-cost repairs and renovations on the home

• Selling the home and downsizing - See: PURCHASE WITH REVERSE (helpformortgages.com

HOW TO FIND A HECM COUNSELOR:

Click here to find a HUD-approved reverse mortgage counselor from the HUD.gov website. Be sure to ask for reverse mortgage counseling

A little help from a friend.

Family members can also help aid in your decision. Perhaps have all parties speak with your reverse mortgage specialist so the program can be adequately explained and reviewed. Click below for your next step!

REVERSE MORTGAGE STEPS - CLICK HERE