How to Find a Nonprofit Reverse Mortgage Counselor

Senior citizens at least 62 years of age who own their own homes can consider getting a reverse mortgage loan on their primary residence. Prior to signing any loan documents, they are required to seeking reverse mortgage loan counseling from a HUD certified nonprofit housing counseling agency. Here are some steps to take to insure finding a nonprofit reverse mortgage counselor.

Difficulty: Moderately Easy

Instructions

1. Search for Reverse Mortgage Nonprofit Counseling agencies online. Use words like “Reverse Mortgage Counseling” and “Nonprofit Housing Counseling Agencies.” In addition, type in your city and state, as you want to find a local agency.

2. Ask you reverse mortgage lender to refer you to a nonprofit agency. The law requires counseling prior to any loan documents being drawn up. Therefore, your reverse mortgage lender will have a list of nonprofit housing counseling agencies in your area.

3. Inquire if a credit-counseling agency is HUD certified to do reverse mortgage counseling. Many nonprofit credit counseling agencies also are HUD certified to perform reverse mortgage counseling. As such, they receive a grant and thus the reverse mortgage counseling sessions are free.

[grimsleygl]

on 6/12/2009 I'm not sure what a reverse mortgage is. I'm over 62, but have never heard of it. You've motivated me to find out. Thanks! 5*'s