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From America's #1 Rated Reverse Mortgage Lender

If I am an MLO licensed by the state of California and have a broker, can I be a counselor for reverse mortgages? Is it a full-time job I can apply for while I help my mortgage clients?

By Jennifer L. on 12.02.2018

Dear Jennifer,

I hope you're doing well. Your question raises an important point about the roles of Licensed Loan Officers and HUD-approved counselors in the reverse mortgage process. HUD has strict guidelines that differentiate these roles, particularly in the counseling of reverse mortgage borrowers.

Why HUD Requires Independent Counseling

HUD mandates that reverse mortgage counseling be conducted independently to ensure borrowers receive impartial advice. Loan originators cannot serve as counselors for their clients, as this would create a conflict of interest. Instead, lenders are required to provide borrowers with a list of HUD-approved counselors, allowing them to choose freely without any influence from the lender.

If loan officers were allowed to counsel their borrowers, they might present a biased perspective, focusing on loan approval rather than the borrower’s best interest. To prevent this, only HUD-approved counselors—who undergo specific training, pass examinations, and complete background checks—are permitted to conduct these sessions.

Becoming a HUD-Approved Counselor

If you are interested in becoming a HUD-certified counselor, you must:

Affiliate with a HUD-approved counseling agency
Complete specific training and certification through HUD
Pass the HUD Housing Counseling Certification Exam

HUD does not differentiate between full-time and part-time counselors, but all must meet the same qualifications. If your goal is to counsel borrowers beyond just your clientele, you would need to work with a HUD-approved agency to comply with regulations.

Next Steps

For more information on becoming HUD-certified, visit HUD’s official website or contact a HUD-approved counseling agency. This path offers a meaningful opportunity to guide borrowers through the reverse mortgage process while ensuring compliance with HUD’s standards.

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