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.
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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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.