Step 1. Schedule an appointment for Reverse Mortgage Counseling.
You must schedule an appointment directly with the counseling agency. This session is conducted in person or over the telephone; however, HUD advises that, if possible, you meet with your counselor face-to-face to gain greater benefit from your session.
Step2. Counselor will contact you and send information.
Once you have set up an appointment, the agency sends you a packet of information so that you can prepare for your session. You should also know that some agencies charge a fee for counseling.
Step 3. The counselor will collect from you:
Your name, contact and other key information, including your interest in obtaining a reverse mortgage, for the counseling session.
Step 4. Counseling session:
The counselor will discuss with you your needs and circumstances; provide information about reverse mortgages and other alternative types and sources of assistance that might be available to you. During the session, you will work with the counselor to develop an assessment of your current financial situation using the Financial Interview Tool, which will assist you in determining the best course of action. You should be prepared to discuss your income, debts and expanses. You will also be offered the opportunity to obtain a BenefitsCheckUp which may provide information on funds and services in your area for which you may qualify.
Step5. Certificate of Completion:
Once you complete your session, the counselor will issue a certificate which verifies for a lender that you have successfully completed counseling.
Step 6. Followup:
Your counselors will follow up with you to learn if you need further assistance and to understand the outcome of your counseling session.
