Reverse Mortgage Counseling


Reverse Mortgage Counseling

There are many factors to consider before deciding whether a reverse mortgage is right for you. To help guide you through this process, you must meet with a Home Equity Conversion Mortgage (HECM) counselor to discuss program eligibility requirements, financial implications, and alternatives to obtaining a HECM and repaying the loan.

Is a reverse mortgage right for you?

A reverse mortgage, also called a Home Equity Conversion Mortgage (HECM), allows qualified homeowners to withdraw a portion of their homes’ equity as cash. You may qualify if you are 62 or older, have either paid off your mortgage or have paid down a considerable amount, and are currently living in the home.

Reverse mortgage counseling:

Our Reverse Mortgage Specialist will also discuss how to prepare for long-term commitments. After meeting with a Reverse Mortgage Specialist, you should be able to make an informed decision about whether this program is a good fit for your needs.

Your Reverse Mortgage Specialist will discuss how a reverse mortgage works, the various reverse mortgage product options, and costs associated with reverse mortgages. In addition, you will explore the following together:

  • Whether you can afford a reverse mortgage and meet your financial obligations, such as paying your taxes and insurance
  • Alternative programs for which you may be eligible, such as grant money, housing assistance, tax deferral programs, home repair grants or loans, food stamps, fuel assistance, social services, and healthcare options
  • The consequences affecting possible eligibility under state or federal programs and the impact on the estate or your heirs
  • Loan comparisons provided to you by the lender, as well as the Total Annual Loan Cost disclosure

Note: Our Reverse Mortgage Specialist will not recommend that you obtain a specific product from any particular lender. His or her role is to provide information and clarity, but not to advise. When you complete the session, both you and the counselor will sign a counseling certificate verifying you have fulfilled this requirement.

Cost: The fee for a reverse mortgage counseling session is $150.00.