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.
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.
