'Counseling' Category Archives

Top 10 Reverse Mortgage Counseling Agencies (Free & Online Availability)

January 24, 2024 17 comments

The U.S. Department of Housing and Urban Development (HUD) mandates that homeowners exploring a Home Equity Conversion Mortgage (HECM) must receive essential counseling. This counseling, provided by a HUD-approved HECM agency, covers the details and alternatives of reverse mortgages. To assist you, we are required to offer a list of approved reverse mortgage counseling agencies. This list includes five nationwide...
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California Reverse Mortgage Counseling Rule Change of 2017

August 22, 2017 4 comments

Purpose The purpose of this bulletin is to restate and update new California requirements regarding required disclosures, counseling, timing for when certain fees may be incurred on the borrower’s behalf, and when other activities related to the origination and processing of a loan may be performed. Implementation These requirements are effective for all California reverse mortgages with applications taken...
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When Reverse Mortgage Counseling and Appraisal Expires

March 23, 2017 2 comments

Our HECM counseling has just expired and we had to retake a counseling. However, a month before the counseling expired, an appraisal of our house was ordered by our lender. Now, our reverse mortgage lender ordered another appraisal because he said that the month old appraisal cannot be used because we were just given a new case number as a...
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When Reverse Mortgage Counseling Agencies Go Wrong

February 20, 2013 1 comment

Before I even start this article, I want to admit that I have never been through HUD Counselor training and I do not know what the counselors have been trained to say and what not to say. I can say that only last week, HUD came out with a reminder to all reverse mortgage lenders and originators that they were...
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Legislation Alert AB2010: FACE to FACE Reverse Mortgage Counseling

March 14, 2012 5 comments

We need your feedback! California state is considering legislation, AB2010, which would require all borrowers who wish to apply for a reverse mortgage to first attend the HUD-mandated counseling, in a face to face session in all instances. Currently, most borrowers choose to attend the counseling via telephone but this legislation would require all borrowers to attend a face to...
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Reverse Mortgage Counseling Roundup for 2012

December 9, 2011 no comments

Reverse mortgage counseling is a mandatory step in the process of getting a government-insured home equity conversion mortgage (HECM) loan through the Federal Housing Administration. All reverse mortgage borrowers—regardless of loan amount, home value or financial savvy—must go through this counseling, which is offered over the phone or in person through government-approved counseling agencies. In addition to borrowers, non-borrowing spouses...
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