After the initial consultation and the receipt of your Reverse Mortgage quote package, the next step in the process is to schedule an appointment with a HUD approved counselor. The purpose for the counseling is to ensure that you have general knowledge of the product and offer alternative solutions. Prior to your counseling session you should review the information in your quote package.

How to Schedule

Once you have reviewed the documents, you will need to call an approved HUD counseling agency and request an appointment for Reverse Mortgage Counseling. The counseling can either be done over the phone or in person.

What you can expect from the counselor

Understanding what to expect is an important first step in the process. The overall goal of the counselor is to provide information to help you make the best decision. They are responsible for helping you understand the product and also offer alternative solutions.

They will discuss your financial needs and the viability of remaining in your home. They will also discuss the features of a reverse mortgage and how it works, your responsibilities with a reverse mortgage, the impact it will have on you and your heirs, and the availability of other assistance you may need.

HUD requires that HECM Counselors do the following;

• Send you required materials prior to your counseling session
• Follow established protocols when conducting the counseling session
• Follow up with you after the session has concluded

After successful completion of the counseling session, a counseling certificate will be mailed to you. It can also be emailed to both you and your loan advisor. While completion of HUD counseling is required in order to proceed with the application process for a HECM loan, participating in the counseling doesn't obligate you to proceed. For more information about Reverse Mortgage, visit our information page.