Due to one of the latest GAO undercover investigations, it was easily discovered that some of the reverse mortgage counselors discuss some of the options for the elderly, but not all of them. After the GAO investigation was examined, it was clear that almost none of the reverse mortgage counselors were clear and informative on what exactly the financial impact would be from actually getting a reverse mortgage. With this said, the counselor must provide the elderly with alternatives to receiving a reverse mortgage. These are really just some of things that a reverse mortgage counselor is supposed to discuss with clients, so it’s important to make sure to emphasize on these points as well as some more.
Reverse Mortgage Counseling Can Take Place in Person or Over the Phone
Remember that your mortgage lender is required to provide you with a list of at least 5 different HUD-approved counselors within your state. At least one reverse mortgage counselor of the 5 must be easily accessible (work in the same city or at least a nearby town). Because of this, you might want to consider meeting in person. Speaking over the phone is quite informal, and it’s better to meet face to face so that you can really talk about the options.
The Counseling Session Will Last About an Hour
If you decide to speak face to face with a lawyer, the session should last for about an hour. If you choose to speak over the phone, the session may require two phone calls. This is another reason why it’s better to the reverse mortgage counselor speak in person.
You May Have to Pay For the Counseling Session
Some of reverse mortgage counseling sessions are completely free, while some can cost more than $100. This is something that completely depends on your financial institution’s regulations.
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