While Reverse Mortgages can be life changing to many seniors, Reverse Mortgages are not for everyone.
Since many borrowers have difficulty understanding the pros and cons of Reverse Mortgages HUD requires mandatory counseling for all seniors considering taking out a HECM. The HUD counselor is required to discuss the advantages and disadvantages as well as the benefits and pitfalls of the Reverse Mortgage.
The goal of the required HUD counseling is to provide education about the ins and outs of Reverse Mortgages including the different programs, interest rates, lending limits closing costs, fees and various lenders of the HECM. The Reverse Mortgage HUD counseling requirement is intended to provide potential borrowers with information from an independent 3rd party. The Reverse Mortgage professional chosen by the borrower to facilitate the Reverse Mortgage application process is not allowed to be present during the HUD Reverse Mortgage counseling session.
Contact us today to find a verified HUD counselor