Reverse Mortgage Experts
Counseling for Reverse Mortgages
Why Do I need Counseling??
The U. S. Department of Housing and Urban Development wants you to be an informed consumer. One of safeguards it has established is the requirement that each reverse mortgage applicant receive counseling from an independent third party. The counselor has been trained to answer your questions about reverse mortgages, provide an independent benefit analysis, and provide a professional opinion about the advisability of a reverse mortgage as it applies to your situation.
While counseling is free for the senior citizen, you will need to allow two weeks to 45 days to get a counseling appointment. After your appointment you will receive a counseling certificate. This certificate is needed before your lender can start processing your application for a HUD/FHA insured or a Fannie Mae Home Keeper reverse mortgage.
Types of Counseling
Counseling can be accomplished in two ways, In person or by telephone.
Telephone Counselors:
Go to http://www.hecmresources.org/network.cfm
This will bring up the main page of HUD's site. To find counselors you can either read through the page and click the link at the bottom of the page or go straight to “USA Map”. Once you select the map page you can click on your state or go directly to the link for counselors available within two weeks or counselors available within four weeks. There is also a link to Spanish speaking counselors.
Since this is telephone counseling it doesn't matter where the counselor is physically located. The senior will have to call and make an appointment for a specific date and time for the counselor to call the senior and complete the counseling. Since the appointment is likely to be weeks in the future, it is recommended that you telephone the counselor a few days prior to the appointment to confirm the time and date.
In Person Counseling:
Go to http://www.hud.gov/offices/hsg/sfh/hecm/hecmlist.cfm
This site will bring up a list of states. Click on your state and you will find a list of counselors approved by HUD to provide in-person counseling. Again, you will have to call and make an appointment to visit the counselor’s office. It may take any where from a day to as much as three weeks before an appointment can be arranged. You may want to call around to all the counselors in your area if there is some urgency in getting the process started.
An Alternative:
Email us at info@reversemortgageincome.com
We will e-mail you back a list of in-person Counselors for your state and a list of telephone counselors currently available within one week.
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