In this U.S. Government program,
HUD requires that you obtain 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.
Other options that may exist including
housing, social service, health and financial programs.
Role and relationship between the
homeowner and the lender, financial advisors, estate
planning services, etc.
Allowable costs and expenses associated
with Reverse Mortgages.
The minimal charge for the counseling
session is not paid out-of-pocket. The sessions are
generally 40-50 minutes in length. The Borrower receives
a certificate of counseling by mail.
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