Reverse Mortgage Information


Riverside Reverse Mortgage Question - Can you help me to find a HUD Approved HECM Counselor?


Bear Cub


Prior to processing a loan application, all borrowers must submit a signed certificate of HECM Counseling provided by a HUD Approved Counselor.  Here’s an easy and convenient way to find a qualified counselor.  Use FHA’s counselor search tool to find a counseling agency close to you or call one of the following Nationwide counseling agencies.  
The agency will schedule a counseling appointment for you to be held either over the phone or at their office.   All borrowers on the loan must be counseled and both the lenders and counseling agencies encourage you to also invite a child or trusted advisor to attend. (They will come up with questions you may not think of!)

The counseling agency, your lender or both will send you a copy of the National Council On Aging’s booklet “Use Your Home to Stay At Home” along with a reverse mortgage analyst report.
This report is a guide to understanding the common “numbers” pages of a reverse mortgage proposal that include a Comparison Page, an Amortization Schedule, a TALC (Total Annual Loan Cost) Sheet.  The report also helps the homeowner to understand the basic terms and conditions of the HECM loan. The counselor will also talk to you about other options that might work for you besides a reverse mortgage.
Expect counseling to last approximately an hour to an hour and a half.  You will want to be prepared for the session with your basic financial information (income, expenses, assets).
When you have completed the counseling, your counselor will hand (or mail) you a HECM Counseling Certificate that expires after 180 days.  All borrowers must sign the counseling certificate, then give the original to your reverse mortgage consultant.

You can expect the loan process to last approximately 30 days from the date you submit the counseling certificate and loan application.  I’ll review the process in a future post.

Thanks for reading, I appreciate your comments and suggestions!





By Deborah Nance


Your Local Southern California Reverse Mortgage Professional

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Equal Housing Lender

iReverse Home Loans, LLC, NMLS#810502 originates reverse mortgages in Alabama, Alaska, Arizona (MB-0919584), California, Colorado, Connecticut, Florida, Illinois, Indiana, Iowa, Kansas, Louisiana, Maryland, Massachusetts, Minnesota, Mississippi, Missouri, Nevada, New Jersey, New Mexico, Ohio, Oregon (ML-5378), Pennsylvania, South Dakota, Tennessee, Texas, Utah, Vermont (1164-MB), Virginia, Washington and Wisconsin. 

Important Information: Reverse Mortgages are neither "endorsed" nor "approved" by the Federal Government. The FHA (Federal Housing Administration) provides certain insurance benefits for lenders and borrowers in connection with the lender’s HECM loans; the FHA does not make or originate loans. The owner(s) retain title to the property that is the subject of the reverse mortgage until the person sells or transfers the property and is therefore responsible for paying property taxes, insurance, maintenance and related taxes. Failing to pay these amounts or failure to maintain the condition of your property may cause the reverse mortgage loan to become due immediately. A reverse mortgage is a complex loan secured by your home. Whether such mortgage makes sense for you depends on your financial situation and needs. For these reasons, we strongly recommend that you consult with a qualified independent housing counselor, family members and other trusted advisers before making this decision. This website is not from HUD or FHA and was not approved by HUD or any government agency.

Comment balloon 0 commentsDeborah Nance • May 10 2011 11:55PM


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