Mortgage2USA.com
The Largest Non-Profit Mortgage Portal on the Internet.
Reverse Mortgages
Counseling
Information contained on the site has been obtained from recognized sources believed to be reliable but has not been verified by us and cannot be guaranteed for its accuracy or completeness. Every effort has been made to keep all information current and factual and we invite visitors to our site to bring any errors or unfair practices to our attention. Mortgage2USA.com is not a mortgage banker or broker and does not have any financial interest in any of the financial companies or sites listed on any of our pages.This site does not buy or sell any securities and nothing on any of our pages should be considered an offer to buy or sell any securities.
2003 - 2010 Mortgage2USA.com
The following Professionals are involved in today's Mortgage Markets :
Reverse Mortgage Counseling is a mandatory part of the Reverse Mortgage Application process and is typically completed just before or after completing an Application. HUD certifies housing counselors around the country to give homeowners impartial education about Reverse Mortgages.
After the counseling session, the counselor will mail a signed copy of the HECM Reverse Mortgage Counseling Certificate to the homeowner. This certificate is presented to the lender with the Reverse Mortgage Application.
Reverse Mortgage Counseling can be done over the phone with one of the national counseling agencies or it can be done face-to-face with a regional agency.
The cost of the counseling is $125. Lenders are not permitted to pay this fee for applicants. However, the fee can be reimbursed to the applicant at the closing. Homeowners can also contact the counseling agency to request a " hardship " approval to pay a reduced fee.
HUD - Housing and Urban Development interactive voice system
1 - 800 - 569 - 4287
By law, a counselor must review other options other than a Reverse Mortgage including: 1). Housing, social services, health and financial alternatives, 2). Other home equity conversion options that are or may become available to the borrower, such as property tax deferral programs, 3). Financial implications of entering into a Reverse Mortgage, and 4). Tax consequences affecting the borrower's eligibility under state or federal programs and the impact on the estate or the borrower's heirs.
Table of Contents
Counselors :
National Foundation for Credit Counseling ( NFCC )
1 - 866 - 698 - 6322
Money Management International ( MMI )
1 - 866 - 698 - 6322
Consumer Credit Counseling Service of Atlanta ( CCCS )
1 - 800 - 251 - 2227
AARP - Available to Members Only ( AARP )
1 - 800 - 209 - 8085
National Council on Aging ( NCOA )
1 - 800 - 510 - 0301