Reverse Mortgage FAQs

To be considered for a reverse mortgage, HUD’s Federal Housing Administration (FHA) requires that you participate in a counseling session with an approved nonprofit housing counseling agency. At completion of the session, the counselor will issue you a certificate that must be provided to the lender you choose to work with.

If you decide to pursue a reverse mortgage, you must select a reverse mortgage lender and apply for the loan. The first step in the application process is to provide your lender with the certificate issued by your HUD approved reverse mortgage counselor. The entire process generally takes 60-90 days to complete. Loan processing times may vary, so it would be best to check with your lender for specific loan processing timelines.

There is a fee of $199 to complete reverse mortgage counseling and receive your required HECM counseling certification. That fee is collected at the beginning of your counseling.

The borrower must be present during both required sessions, unless they have previously appointed someone to serve as their Attorney in Fact via a Power of Attorney. With the borrower’s permission, a family member or friend may attend the session with the borrower but may not speak on their behalf. All borrowers must be present and participate in the reverse mortgage discussion.

All persons on the deed must be counseled. In the case of an ineligible or underage spouse, both AARP and FHA recommend counseling. It's important that all parties involved understand the implications of a reverse mortgage and the risks of relinquishing (quitclaiming) their interest in the property.

HUD requires that reverse mortgage counseling sessions be scheduled no more than one week in advance. It's crucial that you keep your scheduled appointment, as finding a new availability can be tricky.

Certificates are available immediately at the successful conclusion of your session. They can be distributed via email, fax, or standard mail.