Reverse Mortgage Counseling

A reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM), is a type of loan that allows homeowners 62 and older to convert part of the equity in their homes into tax-free income.  Reverse mortgages are wonderful financial tools for certain individuals; however, it’s a very complex financial decision.  If you are considering a reverse mortgage the first step is to talk with a reverse mortgage counselor.

How it Works

During your reverse mortgage counseling session, your counselor will work with you to help explain how reverse mortgages work, the financial and tax implications of taking out a reverse mortgage, payment options, and costs associated with a reverse mortgage. Your counselor will also highlight available resources that you may find useful in meeting your financial needs. Counselors are not lenders or financial advisors. Your counselor's goal will be to help you understand your options so you can make an informed decision.

Upon completion of the counseling session, you will be issued a certificate of participation. If you choose to proceed with the loan process, your lender will likely require this certificate.

Reverse mortgage counseling services are available from 8am to 5pm (CST) by telephone. In-person counseling is also available by appointment in select local markets.

Who Can Benefit?

A reverse mortgage is usually geared toward senior homeowners who need additional funds for retirement. 

Reverse mortgage counseling can be beneficial to someone trying to decide if a reverse mortgage is a good option, but it’s generally recommended for homeowners who have already made that decision and need to fulfill their counseling requirement in order to proceed with the loan.

Frequently Asked Questions

Listed below are questions clients ask us frequently. If you can't find the answer to a question you have or you would like to know more details, please feel free to contact us using the form.

Is there a fee for reverse mortgage counseling?

Is there a fee for reverse mortgage counseling?

There is a fee of $199 to complete reverse mortgage counseling and receive your required certification. That fee is collected at the beginning of your counseling.
Can a relative complete counseling on my behalf?

Can a relative complete counseling on my behalf?

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.
Do you provide counseling in Spanish?

Do you provide counseling in Spanish?

Counseling services are available in English and Spanish. Interpreter services for many other languages are also available upon request.
How far in advance can I schedule my counseling?

How far in advance can I schedule my counseling?

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.
How soon will I receive my certificate?

How soon will I receive my certificate?

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

More questions?

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