The U. S. Department of Housing and Urban Development (HUD) requires that homeowner(s) interested in pursuing a Home Equity Conversion Mortgage (HECM) receive mandatory reverse mortgage counseling regarding the implications of and alternatives to a reverse mortgage from a HUD-approved HECM counseling agency.
HUD regulations require us to provide a list of reverse mortgage counseling agencies. The list must contain Five (5) nationwide companies as directed by HUD for the Home Equity Conversion Mortgage, several counseling agencies that are the most local to you (some borrowers will have many companies located nearby while others may need to drive farther if they wish to receive their counseling in person rather than over the phone), and then we can include several more companies who may also provide counseling over the phone and so their physical location is not essential because they have toll-free numbers for borrowers to call to reach them.
What is important is that you find a counselor who can meet your counseling needs.
Top Reverse Mortgage Counseling Agencies
Counseling Agency Next Availability HECM Price JUMBO Price Phone Website
QuickCert, Inc. 24 Hrs. $145 $145 888-383-8885
DebtHelper.com 24 Hrs. $145 $145 800-920-2262
Smart Money Housing 24-48 Hrs. $125 $150 800-403-3807
Hancock Community Development, Inc 24-48 Hrs. $130
$140 877-284-4326 Website
Money Management International (MMI) 48-72 Hrs. $199 (Free in CA) $199
Cambridge Credit Counseling 48-72 Hrs. $149 $149 888-764-7460 Website
GreenPath Financial Wellness 1 Week $199 $199 888-860-4167
Hope Inc. 1 Week $200 N/A 844-432-6467
Clearpoint Financial Solutions 3 Weeks $199 $199 877-877-1995
Steps to receiving your reverse mortgage counseling certificate
- Request your pre-counseling document set (Including loan comparison, closing cost worksheet, amortization schedule, and TALC (total annual loan costs)
- Have these mandatory documents available: the HUD document titled “Preparing for your counseling session” (PDF file, 4 Pages) and the National Council on Aging (NCOA) booklet “Use Your Home to Stay Home” (PDF file, 26 Pages)
- Determine whether you wish to see a counselor in person or obtain counseling by phone
- Call around and check counselor availability and pricing. Some counseling agencies only accept payment upfront, while others allow you to put their fee into the reverse mortgage closing costs
- After you have finished your counseling, you will receive three copies of your certificate in the mail and have the option to have your counselor fax or email a copy of the certificate to your lender
In-Person HECM Counseling Locator
Search our newest interactive map that locates HUD-approved agencies nearby with in-person availability.
Counseling for those with a vested interest
- Independent reverse mortgage counseling is required before closing for the borrower and co-borrower, who will have a vested interest in closing.
- Power of Attorney or Guardian/Conservator must be counseled on behalf of any borrower(s) or vested owner(s) that are legally incompetent. (Note: POA for convenience is not permitted at this time)
- CA and AZ – Counseling must be completed before application (and in CA, the lender may not order any services or start the loan until seven days after the date of counseling has passed according to CA law)
- TX – Counseling must be completed at least five days before closing. A counseling certificate in Texas is valid for 180 days. Note: See state regulations for additional requirements and timing.
What is reverse mortgage counseling?
How long is a reverse mortgage counseling certificate good for?
Why is counseling a requirement to get a reverse mortgage?
Who is required to complete reverse mortgage counseling?
Are the heirs responsible for reverse mortgage debt?
What happens after your counseling session?
Additional Documents for CA Homeowners:
- CA Reverse Mortgage Worksheet Guide (PDF file, 2 Pages)
- CA Important Notice to Reverse Mortgage Loan Applicant (PDF file, 1 Page)