Reverse Mortgage & Required Counseling

By
Mortgage and Lending with Jack Tenold LLC Jack Tenold NMLS 10261

Reverse Mortgage & Required Counseling


Reverse Mortgage Counseling over the phone

Counseling, in person or over the phone, is a mandatory step for reverse mortgage applicants. The purpose of third party counseling is for consumer protection as well as to provide additional information and to answer questions.  Counseling may be scheduled either before or after talking to a reverse mortgage specialist and typically lasts about one hour.

 

To locate an FHA counselor, click here    HECM Counseling Agencies.

Reverse mortgage counseling facts and figures
Shop around a bit and make a few phone calls, because sometimes counseling is offered for free or at a very low cost to you. Typically, when free counseling is available, it is because an agency is the recipient of a grant, and it offers free counseling until the funds run out.   All you have to say is "I would like to schedule reverse mortgage counseling."   Waiting a week or two for the actual appointment to come is not uncommon, but once in awhile the wait is only a couple of days.  

When counseling is completed, you will receive 3 certificates by U.S. Mail  -  one to keep, one to give to your loan officer, and one to sign & return to the agency.  You can also ask the counselor to fax or email the counseling certificate to your loan officer.  

A senior loan specialist cannot proceed with the loan process until the Certificate of Counseling has been signed and dated by you.  A faxed or scanned copy is received more quickly and can be signed when you meet with your loan officer.  Contact me today and I will put my 23 years of experience to work on your behalf and guide you from beginning to end with Reverse Mortgage financing on your home.  A+ accredited with the BBB.  

 

Reverse Mortgage & Required Counseling 

 

 

 

 

 

Posted by
Jack Tenold NMLS 10261                                                       
      
You can reach me anytime at
     509-710-2227 no strings attached                             
 

Email:  Jack@JackTenold.com

Website: JackTenold.com

Refinance & Purchase  |   Reverse Mortgage Specialist 
Licensed to assist homeowners and home buyers in Washington
 
         Jack Tenold LLC Washington License No. MB-1819307  Office: 203 N Washington St Suite 200L Spokane, WA 99201      
 
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Comments (3)

Kathleen Luiten
Resort and Second-Home Specialist - Princeville, HI
Kauai Luxury Ocean Home Sales

Even though it is required I've had clients resist the counseling. I find I need to educate them on the importance of it. 

Nov 03, 2014 05:34 AM
Fred Griffin Tallahassee Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

Get the counseling!  You are putting a mortgage on your house.

Nov 03, 2014 05:48 AM
Michael Dagner
Brokers Guild Classic - Denver, CO
Your Denver Homes Realty Expert

With equity on the rise should the reverse mortgages should be attracting more interest again.  The counseling requirement is the wisest thing they ever did.

Nov 03, 2014 02:08 PM