What is reverse mortgage counseling like? Here is a quick overview of what to do, and what you can expect at your counseling session and some information about where to go to get reverse counseling.
The senior homeowner must schedule an appointment directly with the counseling agency. The lender cannot do it for you. They are not allowed to "steer" you to a particular counseling agency. Counseling is conducted in person or over the telephone; HUD recommends that if possible you meet with the counselor face to face.
Once you have set up an appointment, the agency sends you a packet of information so that you can prepare for your session. Before you begin, you should also know that some agencies charge a fee for counseling; if you cannot afford to pay this fee you should discuss your inability to pay with the agency at the outset of your session to understand your options.
Your counselor will ask for key information from you including your name, contact information and the reason you are interested in obtaining a reverse mortgage, for the counseling session.
During your counseling session the counselor will discuss with you your needs and circumstances; provide information about reverse mortgages and other alternative types and sources of assistance that might be available to you
Once you complete your session and you and your counselor are comfortable that you understand the essentials of a reverse mortgage, the counselor will issue a certificate, which verifies for a lender that you have successfully completed counseling.
Your counselors will follow-up with you to learn if you need further assistance and to understand the outcome of your counseling session. You may also call your counselor to seek further assistance after your session.
HUD has a HECM Counselor search page that you can use to find a local counselor.
Here are some National Counseling Agencies:
National Foundation for Credit Counseling
Money Management International
Consumer Credit Counseling Svc of Atlanta
Deborah Nance
Your Local Southern California Reverse Mortgage Professional
