Borrowers must meet with an independent, HUD-approved counselor before they apply. The counselor explains exactly how the loan works and helps borrowers understand the loan. They also discuss alternative financial options. Counselors do not tell borrowers what to do; their job is only to help borrowers understand the loan.
After counseling, borrowers receive a certificate. They must sign and send this certificate to the loan officer to begin their application.
This article is intended for general informational and educational purposes only and should not be construed as financial or tax advice. For tax advice, please consult a tax professional. For more information about whether a reverse mortgage fits into your retirement strategy, you should consult your financial advisor.
