Reverse Mortgage Counseling

Overview:

The decision to get a Reverse Mortgage is an important one. Thus, the Department of Housing and Urban Development (HUD), the Federal Housing Administration (FHA) and Senior Security Home Advantage want to ensure you are able to make an informed decision and choose the course of action that will best meet your needs. For this reason, housing counseling for the Home Equity Conversion Mortgage (HECM) is required by the FHA.

You will choose from a list of independent HUD approved counseling agencies, and either attend the session in their office, or over the phone in the comfort of your home.

During the session, the counselor is responsible for helping you understand Reverse Mortgages. The counselor will discuss your financial needs, the features of a Reverse Mortgage and the impact of a Reverse Mortgage on you and your heirs. The counselor is not going to direct you to a specific solution; only you can make the decision for your future.

This is the opportunity to ask any questions which are still unclear to you as to how the process works and what your responsibilities are during the term of your Reverse Mortgage. After the session is completed, the counselor will mail you your counseling certificate, which you will sign and deliver to us so the appraisal can be done and the processing of your loan can be completed.