What to Expect When You Attend
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Your counseling will last about one hour, and depending on your questions may take longer. Be sure to write down your questions for the counselor and any concerns you may have.
The purpose of Reverse Mortgage counseling is to help you make an informed decision. Your Reverse Mortgage counselor will discuss the Reverse Mortgage program with you and review 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 finished your Reverse Mortgage counselor will issue a Reverse Mortgage Counseling Certificate which your counselor will sign. You will also sign and date the certificate at your leisure. (If you receive counseling by phone your certificate will be mailed to you.) You will then provide this certificate to your Reverse Mortgage Specialist, and you will retain a copy. Once your Reverse Mortgage Specialist receives your HECM counseling certificate the process can begin and an appraisal of your home can be ordered. NOTE: There is a fee for Reverse Mortgage counseling depending on funding from the federal government. Check with each agency regarding this fee of $75-125).
Who Can Attend Reverse Mortgage Counseling? Family members may be present at Reverse Mortgage counseling. You may also invite a friend to come along. In cases where there is a Power of Attorney and the borrower is unable to attend counseling, the Power Attorney will attend the counseling. If the borrower is unable to sign THE documents or is unable to understand the process due to an illness, the Power of Attorney will sign the documents at application and closing. A copy of the Power of Attorney must be provided to your counselor. To find a HECM counselor in your area, click here for HUD.gov.
About Reverse Mortgage Counseling
Alternatives to Reverse Mortgages from AARP's websote:
"Low-Cost Public Loans (used for home repairs for low to moderate incomes)
Public Benefits: Government programs that may be a better choice than reverse mortgages.
Seriously Consider Selling"
Free Reverse Mortgage Information, call 1-888-843-9797