Why is Counseling Required?

Reverse Mortgages can be a great vehicle for American Seniors to achieve Security and Financial Independence. But, this is an important decision, one that should be made only when all the facts have been presented.

The Reverse Mortgage Counselor is there to provide answers to the tough questions. The counselor's job is to make sure that the borrower understands the basics of the Reverse Mortgage. The counselor is there to educate the borrower, and to assist them in determining which Reverse Mortgage product best fits their situation.

What else will the counseling cover?

The counselor will also provide the amount of money that someone would qualify for based on the current interest rates, and the estimated home value. The actual amount may differ depending on these factors.

Is there a charge for this counseling?

The counseling is provided free of charge, and can be done face-to-face, or over the phone. The length of the session can vary depending on the amount of questions the borrowers have for the counselor, but typically run about 45 minutes to an hour. Any borrower who remains on title, must do counseling. This ensures that all the parties involved have been informed.