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'Counseling' Category Archives

California Reverse Mortgage Counseling Rule Change of 2017

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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

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Our HECM counseling has just expired and we had to re-take 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

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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

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We need your feedback!  California 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 face...
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Reverse Mortgage Counseling Roundup for 2012

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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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