Reverse Mortgage Counseling Info

I received a few questions about reverse mortgage counseling (also referred to as HUD counseling).

Remember that before applying for a reverse mortgage, you must first meet with a reverse mortgage counselor. You may, however, first approach a reverse mortgage lender, who can provide you with the names of approved counseling agencies in your area. A list of approved counseling agencies nationwide is posted on the Web by the U.S. Department of Housing and Urban Development. The counselor’s job is to educate you about reverse mortgages, to inform you about other alternative options available to you given your situation, and to assist you in determining which particular reverse mortgage product would best fit your needs if you elect to get a reverse mortgage. In general, counseling sessions must be done face-to-face. However, if you are seeking a Fannie Mae reverse mortgage you can do it by telephone. In some areas, telephone counseling may be available for consumers seeking an FHA reverse mortgage (Home Equity Conversion Mortgage).

Call 1-888-973-8377 to find out HUD Counselors in your area and to ask any questions about the reverse mortgage process.