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Reverse Mortgage Counseling Information

It is mandatory to attend counseling in order to be eligible for a reverse mortgage (HECM). The counselor must by employed by a nonprofit or public agency approved by the U.S. Department of Housing and Urban Development (HUD). These counselors are required to use loan analysis and comparison software that follows HUD's counseling policies and procedures. Counseling generally takes one hour and can be completed either in-person or over the telephone.

What to Expect

  • HECM Terminology - The counselor will cover all the different language and definitions that you see in literature received from a reverse mortgage lender of your choice.
  • HECM Roles - Learn about the FHA's and Fannie Mae's involvement with the reverse mortgage program.
  • HECM Interest Rates - Different rates and how they tie into all the reverse mortgage program options available to you.
  • TALC Disclosure - The counselor will review how the disclosure that you will receive from your lender projects the future total cost of the loan.
  • HECM Property Repairs - In the event your home needs some repairs you can still obtain a reverse mortgage. The counselor will review requirements, if applicable.
  • Current Budget - A counselor may ask to review your current income and outgoing expenses to see what payment option will work best for you.
  • Other Options - Keep in mind the counselors are not affiliated with any mortgage lender and should not recommend a lender to you. They may also review other financial options available to you to ensure that you are making the best financial decision for your current situation.
Who can request counseling?

Homeowners aged 62 and over can request counseling by calling a member of the National HECM Counseling Network. Alternately, a homeowner's authorized legal representative can request counseling. This person must be the owner's guardian, conservator, or must hold a durable power of attorney to act in this matter on the owner's behalf. The Reverse Mortgage Education Project and counselors do NOT accept counseling requests from anyone else on behalf of a homeowner.

National HECM Counseling Network

HECM counselors from the following agencies are permitted to provide face-to-face and telephone counseling nationally.

  • National Foundation for Credit Counseling (NFCC) - 1-866-698-6322
  • Money Management International (MMI) - 1-877-908-2227
  • Consumer Credit Counseling Svc of Atlanta - 1-866-616-3716
  • National Council on Aging - 1-800-510-0301

Common Reverse Mortgage Myths