Reverse Mortgage Counseling
So, you speak with one of our reverse mortgage consultants and decide that a reverse mortgage is right for you. What’s next?
Another helpful conversation—this one will be with a federal, government-approved counselor. It’s an important step that’s required by the government before you can complete your reverse mortgage application, and it should only take about an hour.
You’ll receive an independent, third-party counselor who does not work for Longbridge Financial, and is required to educate you about your options—regardless of whether or not you choose to continue pursuing a reverse mortgage.
Why is counseling required? What does it do for me?
— George
Getting a reverse mortgage loan is an important financial decision that requires careful consideration—and a trained counselor can be a big help. He or she can help you fully understand how reverse mortgages work, so you can make an informed and confident decision.
Plus, it’s a great opportunity to make sure that all your questions have been answered and that you’re clear on all of the details—the process, the financial implications, your options, and more.
Where to get counseling
Who you choose for counseling is entirely up to you, as long as the one you choose is approved by the United States Department of Housing and Urban Development (HUD). Your Longbridge Financial reverse mortgage consultant will provide you with a list of HECM counselors in your area for your convenience.
Plus, there are a number of national HUD-approved agencies you can call for assistance:
AARP:
1-800-209-8085
Consumer Credit Counseling Service of Atlanta (CCCS of Atlanta):
1-800-251-2227
Money Management International (MMI):
1-877-908-2227
National Council on Aging (NCOA):
1-800-510-0301
National Foundation for Credit Counseling (NFCC):
1-866-698-6322
Reverse mortgage counseling: what to expect
- You choose an approved counselor and call to schedule an appointment.
- The counselor sends you a packet of materials to review.
- During your appointment (which can be done over the phone or in person), the counselor will discuss your reverse mortgage options and obligations with you, as well as your financial needs and current situation.
- Your counselor issues a certificate to you when your session is complete (usually within 60 to 90 minutes).
- Share your certificate with your Longbridge Financial consultant, and you can complete your reverse mortgage application.
