Reverse Mortgage Counseling
The Federal Housing Administration (FHA) and the U.S. Department of Housing and Urban Development, also known as HUD, requires seniors aged 62 and older to receive reverse mortgage counseling before they can complete a Home Equity Conversion Mortgage (HECM), or reverse mortgage, loan application.
The counseling IS required, but it is intended to help you, the consumer, decide whether a reverse mortgage is the right choice for you as you may be on a fixed income, or there may be better options for your lifestyle.
Reverse mortgage counseling can be done over the phone with an un-biased HUD-approved professional.
Where Do I Start?
The National Council on Aging (NCOA) has compiled a booklet to educate seniors interested in learning more about reverse mortgages.
This is the official reverse mortgage consumer booklet approved by the U.S. Department of Housing and Urban Development.