• REVERSE MORTGAGE INFO
  • HOW DO I QUALIFY?
  • REVERSE MORTGAGE MYTHS
  • REVERSE PROS AND CONS
  • WHAT ARE THE SAFEGUARDS?
  • FAQ -QUESTIONS PEOPLE ASK
  • IS IT RIGHT FOR ME?
  • WHEN IS IT DUE?
  • HECM COUNSELING
  • HECM FOR PURCHASE PROGRAM
  • JUMBO REVERSE MORTGAGES
  • REVERSE MORTGAGE STEPS
  • ADVISORS MORTGAGE INFO
  • DOCUMENTS-UNDERWRITING
  • MORTGAGE LOAN ORIGINATOR
  • FIRST-TIME HOMEBUYERS
  • FINDING THE RIGHT LOAN
  • VA HOME LOANS
  • MANUFACTURED HOMES
  • BLEMISHED CREDIT
  • FREE QUOTE!
  • More
    • REVERSE MORTGAGE INFO
    • HOW DO I QUALIFY?
    • REVERSE MORTGAGE MYTHS
    • REVERSE PROS AND CONS
    • WHAT ARE THE SAFEGUARDS?
    • FAQ -QUESTIONS PEOPLE ASK
    • IS IT RIGHT FOR ME?
    • WHEN IS IT DUE?
    • HECM COUNSELING
    • HECM FOR PURCHASE PROGRAM
    • JUMBO REVERSE MORTGAGES
    • REVERSE MORTGAGE STEPS
    • ADVISORS MORTGAGE INFO
    • DOCUMENTS-UNDERWRITING
    • MORTGAGE LOAN ORIGINATOR
    • FIRST-TIME HOMEBUYERS
    • FINDING THE RIGHT LOAN
    • VA HOME LOANS
    • MANUFACTURED HOMES
    • BLEMISHED CREDIT
    • FREE QUOTE!
  • REVERSE MORTGAGE INFO
  • HOW DO I QUALIFY?
  • REVERSE MORTGAGE MYTHS
  • REVERSE PROS AND CONS
  • WHAT ARE THE SAFEGUARDS?
  • FAQ -QUESTIONS PEOPLE ASK
  • IS IT RIGHT FOR ME?
  • WHEN IS IT DUE?
  • HECM COUNSELING
  • HECM FOR PURCHASE PROGRAM
  • JUMBO REVERSE MORTGAGES
  • REVERSE MORTGAGE STEPS
  • ADVISORS MORTGAGE INFO
  • DOCUMENTS-UNDERWRITING
  • MORTGAGE LOAN ORIGINATOR
  • FIRST-TIME HOMEBUYERS
  • FINDING THE RIGHT LOAN
  • VA HOME LOANS
  • MANUFACTURED HOMES
  • BLEMISHED CREDIT
  • FREE QUOTE!


Reverse Mortgage Counseling

Required and Important!

About Reverse Mortgage Counseling
Reverse Mortgage Counseling or HECM counseling is required by HUD in order to obtain a Reverse Mortgage. You can attend your counseling in person at a local HUD approved counseling office or you can receive Reverse Mortgage Counseling by phone. Your Reverse Mortgage counselor is familiar with the basic Reverse Mortgage products. Reverse mortgage 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 basic tenets of a Reverse Mortgage.


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 one hour, and, depending on your questions, may take longer. Be sure to write down your questions for the counselor prior to the counseling session. Your Reverse Mortgage counselor will discuss the Reverse Mortgage program with you 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. Counselors are not loan officers nor do they represent any particular lender; they are an independent HUD approved counselor.  Your counselor will want to be sure you understand the parameters of the reverse mortgage and also the risks.

After your HECM counseling is finished, your Reverse Mortgage counselor will issue a HECM Counseling Certificate which your counselor will sign. You will also sign and date the certificate, (If you received HECM counseling by phone, your certificate will be mailed to you.) You will then provide this certificate to your Reverse Mortgage Specialist, and you will retain a copy. Once your Reverse Mortgage Specialist receives your HECM counseling certificate, the Reverse Mortgage  process can begin and an appraisal of your home can be ordered.   


NOTE: There is a fee for Reverse Mortgage counseling, typically $125-150. Check with each counseling agency regarding this fee as it may be waived if you can document that you have a financial hardship.


Attendees can include non-borrowing spouses and anyone on the title of the home.


Safeguards are important.

Who Can Attend Reverse Mortgage Counseling? All interested parties to the transaction may attend. Family members may be present at Reverse Mortgage counseling. If you like, you may also invite a friend to come along. In cases where there is a Durable Power of Attorney and the borrower is unable to attend counseling, the person holding the Power of Attorney will attend the counseling.  To find a HECM counselor in your area, click here for HUD.gov.   


Having Reverse Mortgage Safeguards such as HECM counseling ensures that the program is viable, fair, and unbiased. Attending HECM counseling which is required by HUD will give you an extra layer of protection so when you make your decision, you are sure of the step you are taking.


Questions? Call Advisors Mortgage! Advisors Mortgage: 888-843-9797 or 631-804-9044 

HECM COUNSELING-CLICK HERE

Preparing For HECM Counseling

What to Expect When You Attend
Reverse Mortgage Counseling

It's important to write down your questions prior to your HECM counseling session, but it's also important to study about the Reverse Mortgage process. The counselor must know that you understand the HECM program. HECM counselors are required to ask the borrower ten questions disbursed throughout the session in order to ascertain if the borrower understands the reverse mortgage program.  If you are uncertain about any aspect of the program, speak with your loan officer prior to counseling and clarify your questions or concerns. 

Reverse Mortgage Purchase: Did you know? You can purchase a home with a reverse mortgage.

Just as with the HECM Reverse Mortgage, there are no monthly mortgage payments required on the HECM for Purchase.  So if you've been thinking about moving closer to the kids and grand kids,  consider a HECM for Purchase.  You can use the proceeds from the sale of your current home or your accumulated funds for the purchase.  Please request information on the HECM Purchase program.

HECM FOR PURCHASE - CLICK HERE

WHAT IF A REVERSE MORTGAGE ISN'T FOR ME?

WHAT ARE THE ALTERNATIVES?

 ALTERNATIVES TO A REVERSE MORTGAGE


• Low-Cost Public Loans (used for home repairs for low to moderate incomes)
• More Costly Private Loans or refinance mortgages
• Public Benefits: Government programs that may be a better choice than reverse mortgages.
• Seriously Consider Selling or moving in with children

* Community loans for low cost repairs sand renovations on th home


Click here to find a HUD approved Reverse Mortgage Counselor from the HUD.gov website.  You can do counseling in person or by phone

A little help from a friend.

Consider counseling with an advisor or attorney or financial planner. Family members can help but often do not know the ins and outs of the Reverse Mortgage program.  Perhaps have all parties meet your reverse mortgage specialist so the program can be adequately explained and reviewed.

REVERSE MORTGAGE STEPS - CLICK HERE

CARING, PROFESSIONAL, PRIVATE. SERVICE AFTER YOU CLOSE.

Contact Advisors Mortgage: 888-843-9797 or 631-804-9044

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ADVISORS MORTGAGE GROUP, BRANCH NMLS 1833015

3330 Park Avenue, Suite 1, Wantagh, NY 11793

We can help answer ALL your mortgage questions!


  • REVERSE MORTGAGE INFO
  • HOW DO I QUALIFY?
  • REVERSE MORTGAGE MYTHS
  • REVERSE PROS AND CONS
  • WHAT ARE THE SAFEGUARDS?
  • FAQ -QUESTIONS PEOPLE ASK
  • IS IT RIGHT FOR ME?
  • WHEN IS IT DUE?
  • HECM COUNSELING
  • HECM FOR PURCHASE PROGRAM
  • REVERSE MORTGAGE STEPS
  • ADVISORS MORTGAGE INFO
  • DOCUMENTS-UNDERWRITING
  • MORTGAGE LOAN ORIGINATOR
  • FIRST-TIME HOMEBUYERS
  • FINDING THE RIGHT LOAN
  • VA HOME LOANS
  • MANUFACTURED HOMES
  • BLEMISHED CREDIT
  • FREE QUOTE!

  •  ADVISORS MORTGAGE GROUP, LLC.,  WE TAILOR LOANS TO MEET YOUR NEEDS -- Branch NMLS 1833015, 3330 Park Avenue, Suite 1, Wantagh, NY 11793 - Phone:  888-843-9797 or direct: 631-804-9044  -  Licensed by the New York State Department of Financial Services, Licensed Mortgage Banker. Licensed by the New Jersey Dept of Banking and Insurance, Licensed by the Florida Office of Financial Regulation, Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. , Licensed by Texas Dept. of Savings and Mortgage Lending,   IMPORTANT NOTE: FOR CONCERNS OR COMPLAINTS, PLEASE CONTACT: ADVISORS MORTGAGE GROUP, LLC.,  800-778-9044


 

  • “CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.    A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.”


  • NOTE: Website authorization by New York State Dept. of Financial Services is pending. Until this website is authorized, no mortgage loan applications for properties located in New York will be accepted through this site. This website is not sponsored by FHA or HUD or any government agency.