There is a vast amount of information available on reverse mortgages. When making a decision as big as this one, it is no wonder that many people do their homework. Researching reverse mortgages is good preparation for a required HECM counseling appointment. FHA funds housing counseling agencies nationwide to provide borrowers with information on reverse mortgages through face-to-face or telephone sessions.
HECM counseling covers a range of topics that could affect your decision on whether or not a reverse mortgage is for you. Counseling sessions include discussions on how a reverse mortgage can impact your eligibility for federal and state programs, income tax consequences, impacts on your estate, what types of payments you will be making to other parties and most notably; the other options available to you.
The most important thing that a HUD approved counselor can provide you with is unbiased information on whether or not a reverse mortgage is the right decision for you. The whole purpose of counseling is to educate and empower you in making the correct decision for your financial situation. To find a HECM counselor near you, visit the FHA HECM Roster or call (800) 569-4287.
The response above is not intended to be anything other than the educated opinion of the author. It should not be relied upon as financial advice.