Consumer Protection

 

 A requirement for receiving a reverse mortgage is that all borrowers and signing POAs must participate in an educational session with a HUD approved counselor. Once this requirement has been satisfied, a counseling certificate is issued to the borrower and then presented to the lender at the time of application.

 

This session is very important because it is designed to assist the potential borrower in making clear the financial and legal issues surrounding reverse mortgages.

 

It is also very important that prior to embarking on this quest, that all other possible financial solutions have been examined.

 

For a current list of HUD approved counselors please call 1-800-343-7611