Sentences with phrase «counseling on reverse mortgages»

Not exact matches

During the counseling session, the HUD - approved advisor may touch on the financial implications of a reverse mortgage, compare costs among various lenders, and even propose alternatives to an HECM loan for the individual.

The main differences are that you will have a much lower up front mortgage insurance charge than on the original FHA - insured reverse mortgage and, depending on how much you are benefiting from the refinance, you may be able to have the pre-loan counseling requirement waived.

You can properly educate yourself by requesting free information online, attending a reverse mortgage counseling session, conducting your own research on the reverse mortgage facts, as well as speaking honestly with a licensed reverse mortgage professional about your questions and concerns.

After your counseling session, you will have a better understanding of the features of a reverse mortgage; the impact a reverse mortgage will have on your particular circumstances; and whether services or programs other than a reverse mortgage might better meet your needs.

Pre-purchase and Reverse Mortgage counseling have nominal fees that can be waived depending on client's income.

FHA encourages all first - time home buyers to meet with a reverse mortgage counselor that offers pre-purchase counseling to educate themselves on the responsibilities of becoming a homeowner.

Reverse Mortgage Counseling We help to educate seniors on the benefit, consequences, option and process of obtaining a home equity conversion mortgage, and enable them to make a more educated decision about whether this type of loan is right fMortgage Counseling We help to educate seniors on the benefit, consequences, option and process of obtaining a home equity conversion mortgage, and enable them to make a more educated decision about whether this type of loan is right fmortgage, and enable them to make a more educated decision about whether this type of loan is right for them.

• A reverse mortgage lender must give the borrower a statement prepared by the local or county office on available independent counseling and information services.

The FHA requires counseling sessions to inform older homeowners on their options when opening a reverse mortgage account, as well as identifying specific borrower responsibilities throughout the life of the loan.

Borrowers of FHA reverse mortgage loans are required to attend housing counseling; addressing the responsibility for paying taxes and insurance in these sessions could help with reducing tax and insurance defaults and the need for «foreclosing on grandma.»

Our reverse mortgage counseling will educate you on all the pros and cons of this product.

The assessment helps «to ensure someone can maintain the obligations of the loan,» says Amy Ford, director of home equity initiatives with the National Council on Aging, which provides counseling to prospective reverse mortgage borrowers.

The counseling is designed to give borrowers a complete picture of their financial future before taking on a reverse mortgage.

You can properly educate yourself by requesting free information online, attending a reverse mortgage counseling session, conducting your own research on the reverse mortgage facts, as well as speaking honestly with a licensed reverse mortgage professional about your questions and concerns.