Reverse mortgage counseling can be done over the phone with one of the national counseling agencies or it can be done face-to-face with a regional agency.
After the counseling session, the counselor will mail a signed copy of the HECM Counseling Certificate to the senior. This certificate is presented to the lender with the reverse mortgage application.
The cost of the counseling is $125. Lenders are not permitted to pay this fee for applicants. However, the fee can be reimbursed to the applicant at the closing. Homeowners can also contact the counseling agency to request a "hardship" approval to pay a reduced fee.
As a Reverse Mortgage expert, Barry Kilzer can guide you through the process easily and effortlessly.
