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Counseling Information by ARLO

Receive your reverse mortgage pre-counseling documents. (Loan comparison, closing cost worksheet & amortization scheudule.)
In your current area homeowners are currently utilizing reverse mortgages to better enhance their retirement years, with nationwide!
The amount you receive is based on your home’s value, your age, and current interest rates. Let’s start with your address so I can estimate your home value…
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The minimum qualifying age for a reverse mortgage is 62. If you are within 6 months from your next birthday, I will automatically calculate you a year older.
Tip! Don’t forget to include your spouse’s age, even if they are not yet 62, as loan proceeds are always based on the age of the youngest spouse.
Your Age
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'Counseling' Category Archives

Reverse Mortgage Counseling (Free, Online, In-Person)

    28 comments
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. We are required by HUD regulations to provide you with a list of reverse mortgage counseling agencies....
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California Reverse Mortgage Counseling Rule Change of 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

    no 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 result...
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When Reverse Mortgage Counseling Agencies Go Wrong

    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

    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

    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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