Reverse Mortgage counseling will provide:

• Unbiased, accurate information about reverse mortgages from someone who works for you, not the lender
• A chance to discuss your specific needs and wishes and consider whether other options might be worth looking into, instead of OR in addition to the reverse mortgage;
• Personalized loan estimates and education regarding the estimates you may get from lenders;
• Someone that you can call if questions arise while you are applying to get the reverse mortgage.

Steps in the reverse mortgage counseling process

1. The intake call: Your counselor will gather information she or he needs to prepare personalized documents for you, including your estimated home value, the amount of debt you have on the house, and your thoughts about how you want to use the reverse mortgage. You will also set up your counseling appointment during this call.
2. The counseling session: Your Reverse Mortgage counselor will discuss the way the program works, the costs and benefits, the options and alternatives, and the long-term implications for you and your heirs. This discussion is tailored to your individual needs and situation. All information shared with the counselor is confidential.
3. Review of loan estimates: Counselors use software to generate loan estimates, similar to those you receive from lenders (but usually more personalized). The counselor will walk you through those estimates, make sure you understand all the unfamiliar terminology, and discuss costs, including which costs may vary.
4. Counseling certificate: After the counseling session, your counselor will send you the official HUD Reverse Mortgage Counseling Certificate, which qualifies you to complete a reverse mortgage application with any lender.
5. Follow-up: A few months after counseling, your counselor will get back in touch to see how things turned out and answer any additional questions or concerns.