So you’ve talked with one of our reverse mortgage consultants and believe that a reverse mortgage is right for you. What’s next? Just a bit more talking—with a federal government-approved counselor. It’s a government-mandated—and important—step before you can complete your reverse mortgage application and should only take about an hour. This counselor does not work for Longbridge Financial and he or she is required to educate you about your options—regardless of whether or not you choose to continue pursuing a reverse mortgage.
Why it’s required
A reverse mortgage, like any loan, is a financial decision requiring careful consideration. A trained counselor can be a big help, enhancing your knowledge and building confidence in your decision, whether you choose a reverse mortgage or not.
How you’ll benefit
Your counselor will go over many of the things you will have already discussed with your Longbridge Financial consultant. 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 to get your counseling from is entirely up to you, as long as he or she is a counselor 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 counselors in your area. There are also a number of national HUD-approved agencies you can call. They include:
- Consumer Credit Counseling Service of Atlanta (CCCS of Atlanta):
- Money Management International (MMI):
- National Council on Aging (NCOA):
- National Foundation for Credit Counseling (NFCC):
- Choose an approved counselor and call to schedule an appointment.
- The counselor will send you a packet of materials to review.
- During your appointment (which can be done over the phone or in person), the counselor will discuss reverse mortgage options and obligations with you, as well as your needs and circumstances.
- Your counselor will issue you a certificate at the completion of your counseling (usually within 60 to 90 minutes).
- Share this certificate with your Longbridge Financial consultant and then complete your reverse mortgage application.