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Reverse Mortgage Counseling Guidelines for HECM LOANS
Reverse mortgages require that you complete a counseling session with a counselor who does not have a financial interest in the loan, mostly as a protection for seniors. Talk to your lender to explore the counseling requirements for the particular reverse mortgage you are going to be using.
Follow these steps: 1. Select a number and/or location of a HUD or AARP counseling agency. 2. You will need to say: “I am calling for Reverse Mortgage counseling.” 3. Schedule a convenient time for either a telephone appointment or if you prefer, you can schedule a face-to-face meeting. All people listed on the deed MUST receive counseling. If you are working with a Reverse Mortgage Specialist in another state, you MUST do your counseling face to face. 4. Notify your reverse mortgage specialist to the fact that you have completed counseling. Counselor call expectations: The primary reason for the counseling call is to make sure you understand the Reverse Mortgage program. Depending on who you call, the counselor may also want to discuss your budget to help identify any shortfalls, etc. They may also talk to you about social programs that you may qualify for (for example, fuel assistance and prescription programs). The counselors are there to help. The call or meeting should last only 30 to 45 minutes. We understand that you, the client, have done just fine all these years without the counselor, but counseling is a requirement of this Federal program, as offered through H.U.D. (Housing and Urban Development). The counseling is to ensure that you understand that in lieu of making monthly payments, interest will be deferred and repaid when you no longer live in the home. HUD provides a list of approved, available counselors in your state. Click this link to view the lists and find a local counselor.
http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?filtersvc=hec&filtermultistate=yes Additional Resources:
AARP Network Counselor contact information:
Call Toll-free: (800) 209-8085 Monday – Friday from 7:00am to 12 midnight Eastern Standard Time and ask for reverse
mortgage counseling. If the caller prefers, the operator will find the nearest network counselor with a toll-free number,
as not all local counseling agencies have toll-free numbers. Emergencies Only: Callers facing a foreclosure or other similar emergency may call the staff of the AARP Foundation’s Reverse Mortgage Education Project in Washington, DC at this “EMERGENCIES ONLY NUMBER” (202) 434-6051 for direct assistance in getting a counseling appointment as soon as possible. We can recommend counselors in your area, call us for a list of qualified counselors today!
NOTE - When Purchasing a home with a reverse mortgage, counseling requirements ae SPECIFIC to the purchase product, be sure to alert the agency that you are dealing with that you are buying a home with a reverse mortgage! For FREE, no pressure assistance, give us a call toll free at
1-877-825-6320
We are here to help you!
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