What is the reverse mortgage process?
In this U.S. Government
program, HUD requires that you meet with a HUD approved
credit counselor. Counseling is only available from approved,
independent, third-party sources. The counseling is designed to
highlight and discuss:
· Financial implications of obtaining
a Reverse Mortgage.
· Other options that may exist
including housing, social service, health and financial programs.
· Role and relationship between
the homeowner and the lender, financial advisors, estate planning
services, etc.
· Allowable costs and expenses
associated with Reverse Mortgages.
This session is
free of charge and takes about 45 minutes to
an hour. The borrower receives a counseling certificate
upon completion.
