See the List of Reverse Mortgage Counselors
Question: Is counseling required to get a Reverse Mortgage Loans?
Answer: Yes, counseling is mandatory for anyone getting a reverse mortgage loan.
You cannot obtain a reverse mortgage unless you have received a certificate of completion of counseling for a reverse mortgage.
Question: When does Counseling have to be done (completed) by?
Answer: Prior to the application & prior to the appraisal being ordered or any fees being paid, counseling must be completed and the certificate of completion from the counseling service must be given to your lender.
Question: Who does the Reverse Mortgage Loan Counseling service?
Answer: Counseling can only be performed by an independent counselor from a HUD-approved agency.
Question: Where is the Reverse Mortgage Loan Counseling service done?
Answer: Reverse mortgage loan counseling can be done at the convenience of the homeowner. They counseling can be done either over the phone or in person. We strongly suggest that an adult child or family member go with the borrower or be on the phone for the counseling session.
Question: Who has to go to counseling for a Reverse Mortgage Loans?
Answer: If there is a husband and wife, then BOTH the husband and wife must go together AND it is strongly suggested to take one of your children or a family member with you to the counseling class or on the phone call for the counseling phone appointment.
Question: What do I get for going to counseling for a reverse mortgage loan?
Answer: Upon completion of the counseling class, you will be given a certificate of completion of counseling from the class (or mailed to you if done over the phone).
Once counseling is completed, the counselor will mail a HECM Counseling Certificate for the completion of the application.
Question: Is there a cost to go to counseling for a Reverse Mortgage Loan?
Answer: The general cost of counseling is about $125. There are exceptions the rule that if a senior has a financial hardship they may qualify for a waiver of the cost of counseling. Financial documentation must be provided to have the counseling fee waived. The counseling fee is not waived in all cases that are applied for. It is on a case by case basis and is up to the counseling agency to determine if the fee will be waived. Some of the national services that perform the services over the phone will waive the cost.