Sentences with phrase «reverse mortgage counselors»

HUD certifies and approves reverse mortgage counselors around the country to provide homeowners with impartial education about reverse mortgage loans.

He also gave me a list of unbiased reverse mortgage counselors from the U.S. Department of Housing and Urban Development, who informed me that a reverse mortgage is government - insured.»

Reverse mortgage counselors will explain how reverse mortgages work, including payment options, costs, tax implications, benefits and drawbacks.

Reverse mortgage counselors do not receive any payment from reverse mortgage lenders.

7) Reverse Mortgage Exams In 2000, an exam designed to ensure that reverse mortgage counselors understand how the product operates was completed by 425 counselors in 43 states throughout the nation.

Reverse mortgage counselors are required to follow specific practices, which are designed to ensure you receive quality counseling services and are protected against fraud and abuse.

Understanding what to expect from reverse mortgage counselors is an important first step in setting your expectations for your counseling session.

He also gave me a list of unbiased reverse mortgage counselors from the U.S. Department of Housing and Urban Development, who informed me that a reverse mortgage is government - insured.»

It is always the best to consult the reverse mortgage counselors for loan information.

For example, all applicants must complete a mandatory counseling session with an approved third - party reverse mortgage counselor.

The first thing you will need to do before you can even apply for the reverse mortgage loan is to complete a counseling session with an unbiased reverse mortgage counselor who is approved by the U.S. Housing and Urban Development (HUD).

The BCCRR paper I mentioned earlier has a good example comparing a trade - down to a reverse mortgage, but trading down is an option you should also discuss with a reverse mortgage counselor.

FH requires HECM borrowers to see a reverse mortgage counselor.

Use an online calculator that is focused on reverse mortgages and talk to prospective lenders or your reverse mortgage counselor about how the amount of proceeds you will get changes as you get older.

A Reverse Mortgage Counseling Certificate is the certificate that you receive once you have attended a counseling session conducted by a certified reverse mortgage counselor.

Good candidates for a reverse mortgage include seniors with enough income to meet their monthly living expenses but not enough for emergencies or repairs, or those who have savings for emergencies and repairs but need to supplement their income, said Cara Pierce, a reverse mortgage counselor with Clearpoint Credit Counseling Solutions in Fresno, California.

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.

To locate a reverse mortgage counselor near you, contact your loan originator or your local HUD office.

Finally, would - be HECM borrowers are required to get a more in - depth education about their situation from an approved reverse mortgage counselor who is independent from the private lender.

A Reverse Mortgage Counseling Certificate is the certificate that you receive once you have attended a counseling session conducted by a certified reverse mortgage counselor.

To start the process, you will submit a new reverse mortgage application, and then potentially attend another session with an FHA - approved reverse mortgage counselor.

The first thing you will need to do before you can even apply for the reverse mortgage loan is to complete a counseling session with an unbiased reverse mortgage counselor who is approved by the U.S. Housing and Urban Development (HUD).

One of them is that each potential borrower goes through a counseling session with a certified professional reverse mortgage counselor to make sure each aspect of the HECM process is understood.

For example, all applicants must complete a mandatory counseling session with an approved third - party reverse mortgage counselor.

Not exact matches

The counselor's job is to explain how HECMs work, and to help the borrower compare them to single - purpose and proprietary reverse mortgages.

However, if you are confident a reverse mortgage loan is the best option for you, these counselors can answer your questions and offer unbiased information about the advantages, drawbacks, loan process, and your responsibilities as a borrower.

The counselor helps the borrower weigh the pros and cons of a reverse mortgage and discusses their options with them.

Your reverse mortgage professional will send you a list of the nearest HUD - approved counselors to your location.

The counselor's job is to explain how HECMs work, and to help the borrower compare them to single - purpose and proprietary reverse mortgages.

Upon completion of the counseling session, the counselor will mail a HECM Counseling Certificate to the homeowner for inclusion with the reverse mortgage application.

Federal law requires that reverse mortgage loan borrowers meet with a third - party counselor that has been trained and approved by the Department of Housing and Urban Development (HUD) for an unbiased look at the pros and cons of borrowing.

For example, all borrowers are required to complete a counseling session with a HUD approved counselor prior to moving forward with a reverse mortgage.

During these sessions, the trained counselor will help the borrower understand the features and costs of a reverse mortgage.

This was the first official national reverse mortgage financial counseling exam designed to help counselors assist applicants in understanding the reverse mortgage product.

If you are considering a reverse mortgage, ask your lender or counselor to explain what the TALC rates are for the various product options.

The HUD - approved counselor will speak with you about many aspects of a reverse mortgage.

When Lisa Kelly and her husband Jesse first heard they would have to complete a counseling session with a counselor before they could apply for their reverse mortgage loan, they were less than excited.

• The counselor will review if any other financial options may be better suited for you than a reverse mortgage.

• The counselor may explain interest rates and how they are calculated in a reverse mortgage program.

If you or a family member need help with managing an FHA reverse mortgage, please contact a HUD approved housing counselor for assistance.

Reverse mortgage lenders are also prohibited from making the appointment for the borrower: HUD Mortgagee Letter 2004 - 25 states that «the lender may not contact a counselor or counseling agency to refer a client.»

Once you complete your session and you and your counselor are comfortable that you understand the essentials of a reverse mortgage, the counselor will issue a certificate, which verifies for a lender that you have successfully completed counseling.

Your counselor will provide basic information on reverse mortgages, key HECM program features, a review of implications of this financing tool, and any explanation or resources for remaining questions you may have.

Our certified Housing Counselors are specially trained to provide compassionate assistance in the areas of Default / Foreclosure Prevention, Pre-Purchase Counseling, Reverse Mortgage (HECM) Counseling and more.

The counselors are tasked with educating the borrowers about Reverse Mortgages as well as determining if there are any other types of financing they may qualify for.

Before you apply for a reverse mortgage, you must first consult a HUD housing counselor.

Counseling is required with an independent third party HUD - approved counselor to protect borrowers from receiving incorrect information about reverse mortgages.

During the counseling session, the counselor will provide the borrower with documentation that explains exactly how the reverse mortgage would work for them.

You are under no obligation to complete the reverse mortgage and our unbiased, nonprofit counselors are here to help you make the decision that's best for your situation, whatever it may be.

However, all prospective borrowers must meet with an independent counselor before they are able to apply for a reverse mortgage program.