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Features designed to protect you and your loved ones.
A key benefit of reverse mortgages is the built-in protection features, which includes counseling.
Counseling may be face-to-face or by phone and generally takes about 45 minutes. You must arrange the counseling yourself, though we can help guide you.
Counselors must have approval from HUD (Department of Housing and Urban Development). Many have been trained by AARP.
Your Home For Lifesm will provide a list of no fewer than 5 HUD-approved counselors located in your local area.
The following three organizations have special permission to counsel seniors nationally about reverse mortgages over the phone:
- The AARP Foundation Network: 1-800-209-8085;
- National Foundation of Credit Counselors: 1-866-698-6322
- Money Management International: 1-877-908-2227.
Your Home For Life will not communicate with the counselor about your personal situation, but we will make sure you know about other options and understand the financial ramifications of a HECM.
We may explain reverse mortgages, show you copies of closing documents, and begin the preliminary application prior to completion of the counseling, but we may not complete your application until counseling is completed.
You and the counseling agency must both sign a certificate of completion before we can complete your application.
All borrowers must complete the counseling, meaning all parties on the title to the home. Counseling may be conducted separately or jointly when there are multiple borrowers.
Counseling certificates are valid for 180 days, after which counseling must be repeated if the application is not completed by then.
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