Taking out a reverse mortgage loan is a very crucial financial decision, which is why you need all the help you can get in making up your mind.
Speaking with any of our representatives is an important first step toward getting a reverse mortgage loan. However, that’s only the beginning. You need to also speak with an independent counselor about your plans.
Who is an Independent Counselor?
A third-party or independent counselor is a government-approved representative who does not work for us and is not affiliated with our company in any way.
The counselor walks you through eligibility, the loan amount to expect, loan limits, future repayments, and more. The government representative does not advise or recommend any lender. Instead, he or she provides clarity and helpful information.
Why is Independent Counseling Necessary?
Completing independent counseling is an important and mandatory step for every older homeowner looking to take out a reverse mortgage loan. It is required by the government to safeguard the consumer.
The goal is to help you understand what you are getting into before completing your reverse mortgage application. Also, you can have all your questions answered and doubts cleared before making up your mind on the best course of action for you.
How Long Does Third-Party Counseling Session Last?
Counseling typically lasts for about 60 to 90 minutes, and it centers on providing you with the necessary education about your options. You are not under any obligation to proceed with a reverse mortgage, even after receiving counsel from a third-party counselor
Who is Required to Complete the Counseling?
All intending-borrowers are required to complete mandatory counseling. Also, all spouses of borrowers are to be counseled, too, whether they are non-borrowers. Equally, anyone who holds title to the property must undergo counseling, regardless of whether they are eligible to borrow.
What Can I Expect from the Counseling Session?
What Happens after Counseling?
How Long Is the Counseling Certificate Good For?
How Much Does Reverse Mortgage Counseling Cost?
Where Can I Get Counseling?
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