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. 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.
Counselors are available locally for face-to-face sessions. HUD provides a list of national agencies who offer both in person and telephone counseling. Some states may require fact-to-face counseling.