What Is Reverse Mortgage Counseling?
In order to ensure you are making the right decision for you, FHA requires each applicant, their spouse and any non-borrower resident, to complete a 1 hour counseling session with an independent third-party counselor over the phone or face to face.
Before you may apply for a Reverse Mortgage, this step must be completed. I will provide you a list of FHA approved counselors or you can find one in your state by going to FHA’s website. You may then contact one of the approved counselors to schedule your consultation. On the day of your appointment, the counselor will explain the Reverse Mortgage as I have, ask you questions to ensure you fully understand as well as answer any additional questions you may have.
Upon completion of the required counseling, they will issue you a certificate of completion. This certificate, at your request, may also be emailed, mailed or faxed to me. Once I am in receipt of the completed counseling certificate, we can proceed to making application on the loan.