Reverse mortgage counseling is required as part of the application process. independent hud-approved counselors provide homeowners with unbiased information about reverse mortgage loans. Counseling can be completed over the phone or face-to-face with a local agency.
Reverse Mortgage Guides is a reverse mortgage educational website. Our goal is to help explain many of the pros and cons of a Home Equity Conversion Mortgage (HECM) for homeowners. We publish articles and tools for older Americans who are considering a reverse mortgage and want to become further educated before making a decision.
Recent reverse mortgage changes passed by the Trump administration updated the cost structure for reverse mortgage insurance. This insurance is called mortgage insurance premiums (MIP). All HECM borrowers are required to purchase FHA insurance via upfront and ongoing reverse mortgage fees.
HOPE is a HUD-approved housing counseling agency, and has a team of expert reverse mortgage (home equity conversion mortgage or HECM) counselors who are qualified by HUD to provide the official HECM counseling needed in order to apply for a reverse mortgage.
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counselors and attorneys. More: Read the USA TODAY investigation HUD makes data on originations of reverse mortgage loans available on its website – but foreclosures are much harder to obtain. USA.
FHA Reverse Mortgage Counseling. We addressed FHA reverse mortgages in a recent blog post, discussing several aspects of these home equity conversion mortgages. One thing that makes the FHA reverse mortgage program unique from FHA refinance loan options is that these types of loans (also known as FHA HECM loans) are only for qualified borrowers age 62 or older who own or almost own their homes.
Your loan originator is responsible for providing you a list of nine counselors, including the four national agencies. However, in order to guarantee that the counselor is independent and has no vested interest in your ultimate decision on pursuing a reverse mortgage, the originator is not permitted to steer you towards anyone on the list.
One week after publishing its final rule on housing counseling certifications, the Department of Housing and Urban Development (HUD) held a stakeholders call on Monday to discuss the finer points of.