AARP-HUD Approved Reverse Mortgage Counseling

8/13/2009

posted by N. Sioris

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Anyone interested in applying for a HECM (home equity conversion mortgage) reverse mortgage loan must first complete mandatory reverse mortgage counseling and obtain a counseling certificate of completion. The reverse mortgage counseling certificate is valid for 6 months. AARP-HUD approved reverse mortgage counseling is a highly recommended resource for obtaining your required reverse mortgage counseling certificate.

The borrower must provide the reverse mortgage counseling certificate to whatever lender he or she chooses to use to obtain the reverse mortgage loan. The lender is not allowed to begin the application process until the borrower presents them with a reverse mortgage counseling certificate of completion.


Is Reverse Mortgage Counseling Really Necessary?

Reverse mortgage counseling is one of the safeguards that HUD implemented to insure that reverse mortgage borrowers and their families have a full understanding of the pros and cons of a reverse mortgage loan. HUD worked closely with AARP and other groups when designing the criteria for the reverse mortgage counseling sessions as well as the training program for the HUD certified counselors.

Because of AARP's involvement in setting up the criteria mentioned above, it is understandable that some of the best qualified counselors can be contacted directly through AARP Reverse Mortgage Counseling offices. The toll free number for AARP reverse mortgage counseling is - 1-800-209-8085.


You can read more about AARP Reverse Mortgage Counseling here.