Counseling – Millions have used Reverse Mortgage
Formulating a decision to obtain a Reverse Mortgage requires research to fully understand this sophisticated and challenging undertaking. To ensure that the applicant knows all of the pros and cos, the government mandates counseling for all applicants. First of all, applicants need to determine how long they will remain in the residence. Then what funds will they need to live there for the estimated time?
Federal law requires that all individuals who consider a Home Equity Conversion Mortgages (HECM) receive counseling by a HUD-approved agency. A trained and certified counselor can help you understand the costs and features of different types of Reverse Mortgages, and evaluate the pros and cons of these loans for your situation.
The Federal Housing Authority (FHA) requires that all HECM Reverse Mortgage borrowers attend a HUD-approved HECM housing counseling session. Spouses must also attend the required HECM counseling session. When a non-borrowing spouse is included, the lender must base the maximum claim amount, or principal limit, for the HECM on the age of the youngest borrower or the eligible non-borrowing spouse.
Finally, by contacting us by phone or by completing the form below, we will provide all of the facts and help you determine if a Reverse Mortgage meets the financial investment goals for your individual or family situation.