Reverse Mortgage Counseling

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.  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 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. 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 Reverse Mortgage counselor will issue a HECM Counseling Certificate which your counselor will sign. You will also sign and date the certificate, You will then provide this certificate to your Reverse Mortgage Ssecialist, 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. This fee may be waived if you can document that you have a financial hardship.

What to Expect When You Attend
Reverse Mortgage Counseling

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 concerns. 

 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 such as Medicaid
• Selling the home and moving in with children

* Community loans for low cost repairs sand renovations on the 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

ADVISORS MORTGAGE GROUP, LLC.,  WE TAILOR LOANS TO MEET YOUR NEEDS -Branch NMLS 1833015, 3265 Merrick Road, Wantagh, NY 11793 - Phone:  888-843-9797 or direct: 631-804-9044  - Licensing: CA: Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act; FL; GA Residential Mortgage Licensee; NJ: Licensed by the New Jersey Department of Banking and Insurance; Licensed Mortgage Banker –OH; PA; TX. www.nmlsconsumeraccess.org  

• Kathie Adler, Residential Mortgage Loan Originator and Reverse Mortgage Specialist, NMLS# 65780  - Branch office located at 3265 Merrick Rd., Wantagh, NY 11793 – Branch NMLS# 1833015 Equal Housing Opportunity 

• 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.