Before obtaining a HECM, borrowers are required to undergo counseling with a HUD-approved counselor. This step ensures that homeowners fully understand the implications of a reverse mortgage and can make informed decisions.
Why Counseling Is Required
HUD mandates counseling to educate borrowers on:
- How reverse mortgages work
- Financial and tax implications
- Alternative options
- Responsibilities under a HECM
Counseling sessions are tailored to the individual’s financial situation and can be conducted in person or over the phone.
Finding a Counselor
To locate a HUD-approved counseling agency, use the following resource:
👉 HUD Housing Counseling Agencies
Additional Resources
For more details on counseling requirements, refer to HUD’s HECM Counseling Protocol:
👉HUD HECM Counseling Protocol
American Finance Equity Group L.L.C. 