Upon completion of the counseling session, the counselor will mail a HECM Counseling Certificate to the homeowner for inclusion with the reverse mortgage application. The cost for counseling is typically about $125, but the fee may be waived in some cases. Reverse mortgage counselors. Counselors are available locally for face-to-face sessions. HUD provides a list of national agencies who offer both in person and telephone counseling. Some states may require fact-to-face counseling.
To be considered for a reverse mortgage, HUD’s Federal Housing Administration (FHA) requires that you participate in a counseling session with an approved nonprofit housing counseling agency. At completion of the session, the counselor will issue you a certificate that must be provided to the lender you choose to work with.
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The certificate must be presented to the lender and submitted to FHA/HUD with your loan application. Contacts. You can receive your counseling from a number of non-profit credit and housing agencies, however, the trained HUD-AARP reverse mortgage counselors are considered to be among the best qualified providers of this service.
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HUD has approved certain counseling agencies to provide reverse mortgage counseling, so it’s important to choose a certified counselor. HUD’s website has a list of approved counselors. Certified counselors have passed the National HECM Counselor Exam and have successfully completed at least one training course related to HECM counseling within the past three years, according to HUD.
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Upon completion of the reverse mortgage counseling session, you will be issued a certificate of participation. If you choose to proceed with the loan process, your lender will require this certificate.
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The most important consumer protection built into the reverse mortgage program is the requirement that a prospective borrower must first meet with an exam-qualified, independent third-party counselor approved by the U.S. Department of Housing and urban development (hud) before signing a loan application or incurring any fees.
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