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A Home Equity Conversion Mortgage, or HECM, can be a great way to supplement your retirement by tapping into the equity of your home. But it's far from a simple process and there's quite a lot you need to understand before you can close on a HECM. Every HECM loan comes with the requirement that the borrower complete a reverse mortgage counseling session, which MMI is proud to offer.
Once you've decided that you'd like to tap into the equity in your home and begin working with a qualified lender, you'll be required to participate in a reverse mortgage counseling session. This is a requirement set by the U.S. Department of Housing and Urban Development (HUD) to ensure that you fully understand what it means to use a HECM.
Counseling is available by phone at 866.889.9347. Qualified counselors are available Monday-Friday, from 8am to 5pm (CT).
As an education-focused nonprofit, we are uniquely qualified to guide borrowers through the often complicated reverse mortgage process. Our counselors have years of experience and have completed stringent certification training and testing. We can help make the process as informative and pain-free as possible.
And once you've completed your counseling, your certificate will be available immediately, with options to receive your documentation via email, fax, or standard mail. Counseling is available in English and Spanish, with translation services available for most other languages.
We don't work for your lender - we work for you! It's our goal to make sure you fully understand your rights and responsibilities as a HECM borrower.
Availability is limited, so be sure to call 866.889.9347 to schedule your appointment soon.
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The National Council of Higher Education Resources (NCHER) is the nation’s oldest and largest higher education finance trade association. NCHER’s membership includes state, nonprofit, and for-profit higher education service organizations, including lenders, servicers, guaranty agencies, collection agencies, financial literacy providers, and schools, interested and involved in increasing college access and success. It assists its members in shaping policies governing federal and private student loan and state grant programs on behalf of students, parents, borrowers, and families.
Since 2007, the Homeownership Preservation Foundation (HPF) has served as a trusted, neutral source of information for more than eight million homeowners. They are partnered with, and endorsed by, numerous major government agencies, including the U.S. Department of Housing and Urban Development and the Department of the Treasury.
The mission of the U.S. Department of Housing and Urban Development (HUD) is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD works to strengthen the housing market in order to bolster the economy and protect consumers; meet the need for quality affordable rental homes; utilize housing as a platform for improving quality of life; and build inclusive and sustainable communities free from discrimination.
The Council on Accreditation (COA) is an international, independent, nonprofit, human service accrediting organization. Their mission is to partner with human service organizations worldwide to improve service delivery outcomes by developing, applying, and promoting accreditation standards.
The National Foundation for Credit Counseling® (NFCC®), founded in 1951, is the nation’s largest and longest-serving nonprofit financial counseling organization. The NFCC’s mission is to promote the national agenda for financially responsible behavior, and build capacity for its members to deliver the highest-quality financial education and counseling services.