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Reverse Mortgage Counseling
About Reverse Mortgage Counseling
Most all reverse mortgage loan products require some type of Reverse Mortgage Counseling. Since the product is regulated by the government, strict controls are in place to insure the borrowers safety. The purpose of reverse mortgage counseling is to give perspective borrowers unbiased consultation regarding the benefits of the reverse mortgage. Some unscrupulous lenders might otherwise push the product on people before they had a chance to fully consider the program. Below are some basic guidelines regrding reverse mortgage counseling.
Reverse Mortgage Counseling Rules
- >>Counselor must be HUD/FHA Certified
- >>Borrower must receive certificate prior to obtaining loan
- >>Counseling session may be in person or by phone
- >>Free counseling in svailable, but a small fee may be charged
For more information on reverse mortgage counseling, or to receive a list of counselors in your area, please Contact Us today. You may also visit the following link to return to the ReverseMortgage home page.
