Prior to being approved for a reverse mortgage, HUD’s Federal Housing Administration (FHA) requires each borrow to participate in a counseling session with an approved agency. These not-for-profit agencies are funded by the federal government and work closely with both the FHA and lenders to ensure a smooth process.
The goal of this session is not to steer a potential borrower in one direction or another, but to make sure they clearly understand all aspects of a reverse mortgage.
Please take a few minutes to read through the following booklets in preparations for your Reverse Mortgage counseling:
“Preparing For Counseling” booklet
“Use Your Home To Stay At Home” booklet