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Counseling for Reverse Mortgages

Why Do I need Counseling??

We hear that question every day.

The short answer is because the Department of Housing and Urban Development has decided that you will have counseling whether you want it or not. Completing Reverse Mortgage Counseling is a requirement before a lender can start processing your application for a Reverse Mortgage. (HUD/FHA and FNMA Homekeeper)

The cash account counseling is still required but it is handled separately. There is no getting around the counseling requirement. The good part is that it is free for the Senior Citizen. The bad part is that it can take from 2 weeks to 45 days to get a counseling appointment.

Types of Counseling

Counseling can be accomplished in two ways, In person or by telephone.

Telephone Counselors:

Go to http://www.hecmresources.org/network.cfm

This will bring up the main page of HUD's site. To find counselors you can either read thru the page and click the link at the bottom of the page or go straight to the USA Map. Once you click the map page you can click on your state or go directly to the "Counselors available in Two Weeks" or "Counselors available in Four Weeks" Lately clicking on two weeks has been a waste of time but try it anyway. You will find some counselors under the "Available in Four Weeks" list. Remember, this is Telephone counseling so it doesn't matter where the counselor is physically located. The Senior will have to call an make an appointment for a specific date and time for the Counselor to Call the Senior and complete the Counseling. Sine the appointment is likely to be weeks in the future it is recommended that you telephone the counselor a few days prior to the appointment to confirm the time and date.

In Person Counseling:

Go to http://www.hud.gov/offices/hsg/sfh/hecm/hecmlist.cfm

This site will bring up a list of States. Click on your State and you will find a list of Counselors approved by HUD to provide in person counseling. Again, you will have to call and make an appointment to visit the counselors office. This can anytime from a day to as much as 3 weeks before an appointment can be arranged. You may want to call around to all the counselors in your area if there is some urgency in getting the process started.

An Alternative:

Email us at ken@ampy.com

I will e-mail you back a list of In Person Counselors for your state and a list of Telephone Counselors currently available within 1 week.