Many people say that getting a mortgage is one of the biggest investments they’ll ever make. This is also true about getting a Reverse Mortgage. To be eligible for a Reverse Mortgage, all borrowers must go through counseling.
The U.S. Department of Housing and Urban Development (HUD) has approved counselors that are available to you. We will provide you with a list of available approved third party counselors in your area. In most areas counseling can even be done over the phone and usualy takes about an hour to 90 minutes. They will talk with you about your needs, give information about Reverse Mortgage Options and if a reverse mortgage is right for you
You may not feel like you need this service, however speaking with a HUD-approved counseling agency is mandatory, regardless of the type of Reverse Mortgage you choose. It’s a good thing and the purpose is to give you third party information so you have the peace of mind that you are making the right decision about obtaining a reverse mortgage.
The homeowner or the legal representative can request reverse mortgage counseling. Guardians, conservators or a person holding a durable power of attorney (POA) who has been authorized to act in legal matters by the homeowner may request counseling.
Are you ready to stop paying a monthly mortgage payment and start using your cash to enjoy all of the things that are important to you?
Get in touch now with a Reverse Mortgage Banker