Counseling
HUD certifies housing counselors around the country to give homeowners impartial education about reverse mortgages. Reverse mortgage counseling is a mandatory part of the reverse mortgage application process and is typically completed just before or after completing an application for a reverse mortgage.
Reverse mortgage counseling can be done over the phone with one of the national counseling agencies or it can be done face-to-face with a regional agency.
After the counseling session, the counselor will mail a signed copy of the HECM Counseling Certifcate to the homeowner. This certificate is presented to the lender with the reverse mortgage application.
The cost of the counseling is $125. Lenders are not permitted to pay this fee for applicants. However, the fee can be reimbursed to the applicant at the closing. Homeowners can also contact the counseling agency to request a “hardship” approval to pay a reduced fee.
National reverse mortgage counselors (phone-based)
| Counselor | Phone |
|---|---|
| National Foundation for Credit Counseling (NFCC) | 1-866-698-6322 |
| Money Management International (MMI) | 1-866-698-6322 |
| Consumer Credit Counseling Service of Atlanta (CCCS) | 1-800-251-2227 |
| AARP – available to members only | 1-800-209-8085 |
| National Council on Aging (NCOA) | 1-800-510-0301 |
