If you are interested in receiving Reverse Mortgage Counseling from HomeStrong USA, please download and read the following booklet. Call HomeStrong USA today to schedule an appointment with a Reverse Mortgage Counselor at (877)647-8764.
To obtain a reverse mortgage, HUD’s Federal Housing Administration (FHA) requires a certification of participation in an educational counseling session with that a HUD-approved counseling agency. Upon completion of the session, the counselor will issue a certificate. At HomeStrong USA, we have counselors certified by HUD who specialize in helping clients 62 years of age and older understand this financial option.
During your reverse mortgage counseling session, you will learn how a reverse mortgage works, the financial and tax implications, payment options, and costs associated with a reverse mortgage loan. Your counselor will also highlight available resources that you may find useful in meeting your financial circumstances. Counselors are not lenders or financial advisors.
Your counselor’s goal will be to help you understand your options so you can make an informed decision. There are many factors to consider before deciding whether a reverse mortgage is right for you. To aid in this process, you must meet with a reverse mortgage counselor to discuss program eligibility requirements, obligations, alternatives and timeframe for loan repayment. Counselors will also discuss conditions for the reverse mortgage becoming due and payable. The reverse mortgage counseling session should help you to make an independent, informed decision of whether this product will meet your specific needs.
Upon completion of the counseling session, you will be required to answer 5 out of 10 questions correctly in order to be issued a certificate of participation. The certificate is good for one year. If you choose to proceed with the loan process, you choice of lender will require this certificate. It is our goal to make this process as informative and efficient as possible. Call HomeStrong USA today to speak with a Reverse Mortgage Counselor at (877)647-8764.