In this program, insured and regulated by FHA, HUD requires obtaining counseling over the phone or in person with a HUD approved credit counselor. Counseling is only available from approved, independent, third-party sources. The counseling is designed to highlight and discuss:

Financial implications of obtaining a Reverse Mortgage.

The minimal charge for the counseling session can be paid out of the closing proceeds. The sessions are generally 40-50 minutes in length. The Borrower receives a certificate of counseling by mail. We believe counseling is important because it brings a non biased third party person into the situation who is able to offer an objective and professional opinion of the reverse mortgage opportunity.