Free Reverse Mortgage Counseling

8/04/2009

posted by N. Sioris

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Two major credit counseling agencies that offer HECM (home equity conversion mortgage) reverse mortgage counseling for senior homeowners considering getting a reverse mortgage loan, have announced that they will offer reverse mortgage counseling for FREE.

The usual fee for reverse mortgage counseling is $125.00 and is normally required to be paid by the reverse mortgage borrower. Lenders are not allowed to pay for reverse mortgage counseling on behalf of the senior borrowers. For some seniors, this is a financial hardship.


The Good News Is

Good news for reverse mortgage borrowers was recently announced by NCOA (National Council on Aging) and MMI (Money Management International.) Both of these organizations are now offering reverse mortgage counseling at no charge to senior homeowners applying for a reverse mortgage loan.

Both of these agencies have counselors that are certified by HUD and AARP to conduct reverse mortgage counseling in order to assist older homeowners in evaluating the pros and cons of getting a reverse mortgage loan.

Reverse mortgage counseling is a mandatory requirement for all FHA/HECM, government insured reverse mortgage loan applicants.

Find out more about AARP HUD Reverse Mortgage Counseling here.