What is HECM Counseling?

HECM Counseling, Another Safeguard of the HECM

HECM or Reverse Mortgage counseling is required by HUD to obtain a Reverse Mortgage.  The counselor is HUD approved and independnet. You can attend your counseling in person at a local HUD approved counseling office or you can receive Reverse Mortgage Counseling by phone. Your Reverse Mortgage counselor is familiar with the basic Reverse Mortgage products. Reverse mortgage counselors are not loan officers nor do they represent any particular lender. 


Who Can Attend Reverse Mortgage Counseling? All interested parties to the transaction may attend. Family members or friends or a trusted advisor may be present at Reverse Mortgage counseling.  Where there is durable power of attorney in place and the borrower is unable to attend HECM counseling, the person holding the power of attorney will attend the counseling session for the borrower.  A power of attorney  (POA) is a document in which a principal party appoints a fiduciary party to act on behalf of the principal party, typically in regard to legal affairs.  A power of attorney gives the agent authority to conduct certain real estate matters, such as signing mortgage documents or closing on a home.  Your power of attorney will sign the HECM application documents as follows: After the borrower's name, the POA will sign their name and write, "As Attorney in Fact".  This is done on every page where the borrower's signature is required.  


What to Expect When You Attend Reverse Mortgage Counseling
The purpose of Reverse Mortgage counseling is to help you to make an informed decision. Naturally, your loan originator has already schooled you about the ins and outs  of the HECM program, but HUD requires that an independnet party review your options and provide you with counseling and issue you your HECM certificate showing you understand the step you are taking.  HECM counseling will last about one hour, and, depending on your questions, may take longer. Be sure to write down questions for the counselor prior to the counseling session. Your counselor will go over your budget to see if a Reverse Mortgage is the right vehicle for you. 


What to Expect When You Attend Reverse Mortgage Counseling

The purpose of Reverse Mortgage counseling is to help you to make an informed decision. Naturally, your loan originator has already schooled you about the ins and outs  of the HECM program, but HUD requires that an independnet party review your options and provide you with counseling and issue you your HECM certificate showing you understand the step you are taking.  HECM counseling will last about one hour, and, depending on your questions, may take longer. Be sure to write down questions for the counselor prior to the counseling session. Your counselor will go over your budget to see if a Reverse Mortgage is the right vehicle for you. 



GOT QUESTIONS?

HECM Counseling Certificate

After your HECM counseling is finished, your Reverse Mortgage counselor will issue a HECM / Reverse Mortgage Counseling Certificate which your counselor will sign. You will also sign and date the certificate.  You will then provide this certificate to your Reverse Mortgage Specialist, and you will retain a copy.  There is a fee for Reverse Mortgage counseling, typically $125. Check with each agency regarding this fee as it may be waived if you qualify).   To find a HECM counselor in your area, click the red HUD.gov link below.


Call now for a free Reverse Mortgage Comparison Showing the Options and Closing Costs

Kathie Adler, Reverse Mortgage Specialist-  631-804-9044 Cell 

888-843-9797 (24 HR voice mail)


You are entitled to get your questions answered so you can make an informed decision.  Kathie's Reverse Mortgage information  will help you do just that!

Whether weekdays or weeknights, give Kathie Adler a call!



Reverse Mortgage Counseling by HUD Approved Counselors

Please click the link below to search for HECM Counselors or Reverse Mortgage Counseling which you can do in person or by phone. Be sure to write your questions down prior to your appointment.

The Reverse Mortgage Process - Steps to Closing

Free Consultation

Free Consultation

Free Consultation

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Speaking with a licensed mortgage professional will provide you with the information you need to make an informed decision.

HECM Counseling

Free Consultation

Free Consultation

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Reverse Mortgage Counseling by a HUD approved counselor is required. You will be provided with a HECM counseling certificate by your HECM counselor.

Application

Free Consultation

Application

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Your Reverse Mortgage Specialist will walk you through the entire application, explaining each document to you and will submit the application to processing.

Appraisal

Approval, Closing, Funding

Application

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An appraisal will be ordered on your home to determine its value.  The appraiser wil inspect the interior and exterior of your home and will rely on  comparable sales in your area that are similiar to yours.

Underwriting

Approval, Closing, Funding

Approval, Closing, Funding

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After the appraisal and title report on your home has been completed, and after all the necessary documentation has been gathered, your signed reverse mortgage application documents can be submitted to underwriting for review. 

Approval, Closing, Funding

Approval, Closing, Funding

Approval, Closing, Funding

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Once your loan documents and application are approved by underwriting, your processor will be advised that your loan is clear to close. Your funds are disbursed 3 days after a right of rescission period has passed.

Got Questions? Click Contact Us/ Kathie Adler - 631-804-9044

Request Kathie's free Reverse Mortgage booklet and receive a free Reverse Mortgage quote. We hope we have answered many of your questions. Feel free to contact Kathie with any concerns you may have.

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