Counseling – Reverse Mortgage
Question: Is counseling required t get a Reverse Mortgage?
Answer: Yes, counseling is mandatory for anyone getting a reverse mortgage loan.
Question: Who does the Reverse Mortgage Counseling service?
Answer: Counseling can only be performed by a HUD licensed counselor / agency. They are available to give homeowners an unbiased education about reverse mortgages.
Question Where does the Reverse Mortgage Counseling service?
Answer: Reverse mortgage counseling can be done at the convenience of the homeowner. They can do it over the phone with a national agency or if they feel more comfortable they can go into their local Utah agency to talk to someone in person.
Question When must the counseling be done?
Answer: Prior to the Applicatin & prior to the appraisal being ordered or any fees being paid, counseling must be complete and the certificate of completion from the counseling service must be given to your lender.
Question Who has to go to counseling for a Reverse Mortgage?
Answer: Any getting a reverse mortgage / If there is a husband and wife, then BOTH the husband and wife must go together AND it is strongly suggested to take one of your children or a family member with you to the counseling class.
Question What do I get for going to counseling for a reverse mortgage?
Answer: Upon completion of the counseling class, you will be given a certificate of completion of counseling from the class (or mailed to you if done over the phone).
Once counseling is completed, the counselor will mail a HECM Counseling Certificate for the completion of the application.
Question Is there a cost to go to counseling for a Reverse Mortgage?
Answer: The general cost of counseling is about $125. There are exceptions the rule that if a senior or a couple has an extenuating circumstance and they do not have the financial means to pay for the counseling service, some of the national services that perform the services over the phone will waive the cost.
Click here for a list of Counselors. HUD Approved Reverse Mortgage Counselors in Utah
