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Reverse Mortgages 101

Counseling Session And Other Consumer Protections

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A Counseling Session

The government requires borrowers to attend a counseling session before entering into a Reverse Mortgage. The session can be in person or on the telephone.

During the session, the counselor will explain how the Reverse Mortgage works. You will have an opportunity to ask questions.

If the counselor tells you any information that is not in writing, ask him or her to put in in writing for your future reference.

Lenders have lists of counselors approved by the Department of Housing and Urban Development (HUD). A lender should not recommend a specific counselor. If you would like to locate a counselor on your own, following is a list of  HUD-accredited counseling services for assistance. To  find a counselor in your area, go to www.hecmcounselors.org offsite link.  Click on "Consumer Resources" or contact HUD, www.HUD.gov. offsite linktel. 800.569.4287.

National Council on Aging – (800) 510-0301
CredAbility – (888) 395-2664
Money Management International -(866) 765-3328
National Foundation for Credit Counseling- (866) 363-2227
NeighborWorks America – (888) 990-4326

Other Protection

You have up to three days of signing the papers to back out of the loan.
 


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