Counseling For Your Protection 

The Home Equity Conversion Mortgage is as FHA-Insured reverse mortgage program.  FHA requires all potential consumers to participate in a counseling session regarding reverse mortgages.  It is mandatory and is a one-on-one session with an FHA approved housing counseling agency to go over the all implications of a reverse mortgage.  The counselor may discuss budgets and give information on other alternatives that may be available.

Counseling may be done face to face or over the phone.  FHA allows the counseling agency to charge a fee; some agencies charge and some do not.

As part of your session, you will be given a Certificate of Borrower Counseling.  If you choose to go forward with an application, you must provide the original copy of the certificate to your reverse mortgage lender.  This certificate may expire in 180 days.

If you are working with someone who has not provided you with a list of approved counselors, this could be a warning flag for you that they may not be experienced with Reverse Mortgages.

If you prefer to meet with a lender prior to counseling it is encouraged as you then get the information from two sources so you can make an informed decision before beginning your loan.

For more information and a list of FHA Approved reverse mortgage counselors please contact us for a complimentary consultation.

Click here for a listing of all FHA Approved Counselors.  To view all Colorado Counselors, select "Colorado" from the State dropdown list and click on the "Send" button.

Universal Lending NMLS# 2996 1-800-758-4063

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