Reverse Mortgage Counseling

Hope everyone is having a great weekend. I will make this entry pretty short.

Basically I wanted to talk about the reverse mortgage counseling. I got a couple emails from people who were looking for information about it. Reverse mortgage counseling is a requirement by the government for any person who is interested in obtaining a reverse mortgage. It is basically an information session where the counselor will explain the process and make sure the client understands exactly how a reverse mortgage works. The reverse mortgage counseling is basically a safety net to make sure you fully understand a reverse mortgage.

I have received questions about what they need and how long it takes. When you schedule your reverse mortgage counseling, the counselor will tell you what information they would like you to bring. Most will want to see the GFE (good faith estimate) and comparison sheet from you lender. Others will also ask you to bring other information including copy of deed, insurance info, taxes, etc.. It really all depends on the counselor. The time can be anywhere from 30 minutes up to 2 hours. The 2 hours is not common, but I have heard it happening. Two hours is way too long!

A reverse mortgage is wonderful solution and it is backed by FHA and Fannie Mae, that is the man reason for counseling. They want to make sure everyone has a good deal of reverse mortgage education. You can setup counseling in your local area and sometimes you can actually have the counseling done over the phone.

Here is a link for reverse mortgage counseling information.
HUD approved reverse mortgage housing counseling agencies

Till next time, have a blessed day..