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COUNSELORS
LENDERS
COUNSELORS
- Statutory Requirement
- To be eligible for a
federally-insured Home Equity Conversion Mortgage
(HECM), a homeowner must receive counseling from a
HUD-approved counseling agency. Here is the federal
law that spells out this counseling requirement.
"The Secretary shall provide or cause to be provided
by
entities other than the lender the information required
in
subsection (d)(2)(B) of this section. Such information
shall be discussed with the mortgagor and shall include
- 1) options other than a home equity conversion
mortgage
that are available to the homeowner,
including other
housing, social service, health,
and financial options;
2) other home equity conversion options that are
or may
become available to the homeowner, such
as sale-leaseback financing, deferred payment
loans, and
property tax deferral;
3) the financial implications of entering into a
home
equity conversion mortgage;
4) a disclosure that a home equity conversion
mortgage
may have tax consequences, affect
eligibility for
assistance under Federal and State
programs, and
have an impact on the estate
and heirs of the
homeowner; and
5) any other information that the Secretary may
require."
On the HECM Documents page, you can find the
complete HECM statute, the HECM program
handbook, and the HUD counseling program
handbook.
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- Counseling by Telephone - Tested, selected,
HUD-approved counselors are available to provide
HECM
counseling by telephone. If you have already
read all the
pages at www.aarp.org/revmort/list and
are seriously
considering applying for a reverse
mortgage, you may
find a "telecounselor" at
www.hecmresources.org. Click
on the Counseling
Requests link, and then the USA Map.
LENDERS
- HUD Lenders
- The HUD lender list is located at
www.hud.gov/ll/code/llplcrit.html/
- Select your state from
the dropdown menu to the right of "Doing Business in:" -
place a checkmark in the "Title II - Mortgage Programs"
box (if one is not already there), also check the "HECM"
box, and then click the "SUBMIT" button at the top.
Some
of the lenders on this list no longer offer reverse
mortgages.
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Copyright © NCHEC. All rights reserved.
Revised: March 14, 2005.
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