What to Expect When You Attend
Reverse Mortgage Counseling       

HECM = Home Equity Conversion Mortgage, a program that is federally insured

• What Happens at the Counseling Session?
Your counselor will analyze your current budget and financial situation and discuss why you are seeking a Reverse Mortgage. You will also discuss options and alternatives to Reverse Mortgages. The counselor will review the amount of money you will receive and help you further understand Reverse Mortgage parameters. Counseling takes about one hour.

• Power of Attorney-Guardianship
You will need to provide a copy of your Power of Attorney or Guardianshp if you are the Power of Attorney or Guardian for your parent or relative.

• Fees: HECM Counseling costs from $75 to $125, however, this fee can be waived depending on your financial situation. You will be

• HECM Certificate: You will receive a HECM Counseling Certificate which verifies that you have completed Reverse Mortgage Counseling. HECM Counseling Certificates are valid for six months.

• Finding a Reverse Mortgage Counselor
Your Reverse Mortgage Specialist will provide you with a list of 10 HUD approved counseling agencies who will guide you through your counseling. It is required by HUD that five of the counselors be local and five be national counseling agencies so you can also be counseled over the telephone.

• Counseling agencies by state are listed on HUD.gov This is another way to find a HECM counselor. Remember, all Reverse Mortgage counselors have been duly and properly trained and HUD approved.

• The Job of the Counselor
It is the HECM counselor's job to make certain you understand the Reverse Mortgage process and get all your questions answererd. They will also provide ideas on options to Reverse Mortgages.

• What Information Do I Need Prior to HECM Counseling?
You should have available the Reverse comparison and any other information given you by your Reverse Mortgage Specialist as well as your monthly expenses.

• Independent Reverse Mortgage counseling by a HUD approved counselor is required and a safeguard to the process. This program was designed to assist homeowners in staying comfortable in their home. There are safeguards in place for this program.
Safeguards - click here.

• For free information, call 1-888-290-5558