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Upon completion of the reverse mortgage counseling session, you will be issued a certificate of participation. If you choose to proceed with the loan process, your lender will require this certificate.
Reverse Mortgage Counseling. During reverse mortgage counseling session, a counselor will explain how reverse mortgages work, including how you can access your equity, costs, tax implications, benefits and drawbacks. The goal is for you to understand your options so you can make an informed decision on whether a reverse mortgage is right for you.
Reverse Mortgage – Counseling Information Complying with FHA’s HECM Counseling Guidelines The most important consumer protection built into the reverse mortgage program is the requirement that a prospective borrower must first meet with an exam-qualified, independent third-party counselor approved by the U.S. Department of Housing and Urban.
Reverse mortgage counselors also must follow uniform counseling protocol, such as. certifications, waivers, advisory notices, and penalties.
Upon completion of the counseling session, the counselor will mail a HECM Counseling Certificate to the homeowner for inclusion with the reverse mortgage application. The cost for counseling is typically about $125, but the fee may be waived in some cases. Reverse mortgage counselors
Considering using the equity in your home to help fund your retirement? A reverse mortgage can help, but you may need to complete a counseling and education session before you’re eligible. Learn more about our reverse mortgage counseling today.
Under state law, no lender can make a reverse mortgage unless a borrower opts in writing for the loan; and has received written certification at or before closing from a counselor with a third-party.
NeighborWorks® Southern Mass is an approved Housing Counseling Agency. NeighborWorks® Southern Mass is certified by MassHousing, the Department of Housing and Community Development (DHCD), the Federal Housing Administration (FHA), Housing and urban development (hud), and Citizens for Housing and Planning Association (CHAPA).
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Know what you can expect with a step-by-step preview of M&T Bank’s reverse mortgage application process, from initial discussion through closing.