Reverse Mortgage Counseling
Yes, counseling is required for all reverse mortgage products available today in the marketplace. All parties to the reverse mortgage loan must be counseled. Many seniors include their children in these sessions, or their trusted financial advisors. As of June, 2008, HUD has permitted counselors to charge for this service. However, they many not turn away any senior who is unable to pay.
What is Reverse Mortgage Counseling?
This is an “education session” to be sure that you completely
understand all that is involved with a reverse mortgage. The counseling
is done by an approved agency and there may be a cost associated, that
can be reimbursed to you upon closing of your reverse loan. You can
choose to have this counseling done in person, or over the phone.
Once counseling is completed, a counseling certificate is either mailed
to you (if you
do counseling over the phone) or given to you in person. This counseling
certificate
is valid for 6 months.
I will ask you at application if you have completed counseling, and if
so, you can sign
the certificate and give it to me at that time. I can then order your
title work, appraisal,
credit reports etc on your application. If you have NOT completed
counseling at time
of application, we can still get started in the process, but I will be
unable to order the
appraisal, credit report, etc.
Here is a list of HUD and or AARP counselors in your area:
HUD APPROVED HECM COUNSELORS
Consumer Credit Counseling
1233 Lake Plaza Drive, Suite A
Colorado Springs, CO 80906
719-576-0909
800-798-3328
Consumer Credit Counseling
5265 N Academy Blvd Suite 100
Colorado Springs, CO 80918
719-598-2227
Consumer Credit Counseling
200 W. 1st Street Suite 302
Pueblo, CO 81003
719-542-6620
888-218-5741
City of Aurora
9898 E. Colfax
Aurora, CO 80010
303-739-7914
Boulder County Housing Authority
3482 N. Broadway
Boulder, CO
303-441-1544
Telephone Counseling:
National Foundation for Credit Counseling (NFCC)
866-698-6322
Money Management International (MMI)
877-908-2227
For a list of additional counselors:
https://www.hud.gov/offices/hsg/sfh/hecm/hecmlist.cfm
For Your Private In Home Consultation, Call Virginia Berry Today at 719-520-3326
“When Experience Counts” Find Out What a Reverse Mortgage Can Do for You