| During the application process, you will have to speak with an independent HUD-approved mortgage counselor. This is a process required by HUD to ensure the homeowner understands eligibility requirements, financial implications and alternatives to obtaining a HECM and repaying the loan. |
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For many people, getting a mortgage is one of the largest investments they’ll ever make. The same goes for a Reverse Mortgage. To qualify for a Reverse Mortgage, all borrower(s) must go through counseling.
The counselor must be a third party who is approved by the U.S. Department of Housing and Urban Development (HUD). We will provide you with a list of available approved counselors in your area that you can contact by phone. Counseling generally takes an hour and can be provided in person or via telephone. They will talk to you about your Reverse Mortgage options and if a Reverse Mortgage is right for you.
Either the homeowner themselves or the homeowner’s legal representative can request Reverse Mortgage counseling. Authorized legal representatives include a guardian, conservator, or person holding a durable power of attorney who has been authorized to act in legal matters by the owner. Their purpose is a safeguard to educate and inform you about everything you need to know about this transaction. Having an outside party explain your options and go over the details will only help you educate yourself and plan for your future.
Would you like more information?
Our expert staff is here to provide you advice and direct answers. Give us a call Toll Free or email jalpino@theseniorequitygroup.com.Call Toll Free 1(888) 220-4537 |
