Reverse Mortgage Counseling If you are a senior with questions about the new reverse mortgage rules, it’s essential to consult with a HUD-certified housing counselor. Reverse mortgage counseling is a prerequisite for any eligible senior seeking to obtain a reverse mortgage. Our counselors are thoroughly trained, certified, and approved by the U.S. Department of Housing & Urban Development (HUD) and are not affiliated with any lenders.
What to Expect from Counseling During the counseling session, our counselors will help you understand:
- How reverse mortgages work
The specific aspects of the reverse mortgage product you are considering, including costs, tax implications, benefits, drawbacks, and payment optionsFinancial or social service alternatives to a reverse mortgagePotential fraud schemes related to reverse mortgage and insurance
An essential part of the session is the financial assessment, designed to ensure you can meet your loan obligations, such as continuing to pay property taxes and homeowners insurance.
Certificate of Completion Upon completing the counseling, you will receive a certificate required by lenders before they can process your loan application. This certificate is valid for up to six months.
Goal of Counseling The ultimate goal of reverse mortgage counseling is to ensure you understand your options thoroughly, allowing you to make an informed decision about whether a reverse mortgage suits your individual circumstances, future goals, and needs.
Who Needs to Participate? All reverse mortgage applicants must attend the counseling session. If an applicant lacks legal competency, a power of attorney or a court-appointed conservator must attend. Non-borrower spouses and, optionally, other family members or advisors may also attend.
Cost of Counseling R.E.A.C.H. charges $150 for a HECM counseling session.
About R.E.A.C.H. R.E.A.C.H. is a HUD-approved agency providing reverse mortgage counseling for Home Equity Conversion Mortgages (HECM) and proprietary reverse mortgages, now available for borrowers whose needs exceed the limits of HECMs. Our staff conducts sessions in both English and Spanish.
Contact Us To learn more or schedule a reverse mortgage counseling session, please call us at 855-487-3224 to speak with one of our HUD-certified counselors today.
