Free Reverse Mortgage Counseling by State – A Guide

By Derek Day

This article serves as a guide to locating free reverse mortgage counseling. We offer link to a state by state break down of counselors later in the article. Before obtaining this type of loan, all applicants must meet with a certified home equity conversion loan counselor. These individuals are certified by HUD and FHA to provide services on the Home Equity Conversion Mortgage, or HECM Loan, as well as other home senior conversion loan products. Many of them provide free reverse mortgage counseling, and all approved by the American Association of Retired Persons, a strong advocate for senior conversion home loans. Links to these counselors by state follows shortly, but first let’s establish the importance of the consultation process.

With the popularity of the senior conversion loan and the slumping economy counselors are busier than ever. Many offer free reverse mortgage counseling services and of course these are the most sought after. Tips to finding them are listed later in our article. Meeting with the counselor is not only required, but important for the borrower to gather unbiased information regarding the senior home conversion loan and other possible options. The counselor can advise if the fees being charged for the loan are too steep and they can confirm the amount you are eligible to borrow. They can also help you from being taken advantage of by some brokers who are more willing to close a loan, than to do the right thing for the potential borrower. Remember that the senior conversion loan consultation process is their to help you, so it should not be viewed as a hindrance. Develop a list of potential questions you want to ask during the session. At the time of the session, take your time, get to know the counselor, and ask all the questions you need to feel comfortable making a prudent decision.

Senior home conversion loan counselors are broken down by state, and by their availability schedule. Whether they are available within one week, two weeks, three weeks, etc. As well as if they are available by phone, in person, or both. Unfortunately the list does not identify which charge a fee. Many offer free reverse mortgage counseling but some do charge fee. It’s best to determine your goals first, then start searching for a counselor. Do you want to meet in person? If so, you’ll want to find someone closest to your city and state. How quickly do you need to close on the loan? If time is a factor, you may consider a counselor who can see you quickly. From this point you can call to inquire which counselors offer free reverse mortgage counseling.

You’ll also want to locate a counselor who:

* Has industry experience, and has been counseling for 3-5 years.
* Offers unbiased advice.
* Seems patient enough to answer your questions. You don’t want to rush.

We recommend that you visit the following link for a list of tips prior to contacting the various agencies. The list clears up the process and offers guidelines to assist you in contacting the agencies. The tips and the list is provided by HECM Resources.Org. We have no affiliation with them, but we feel the tip sheet is helpful. Visit them at the following link: HECM Resources. At the bottom of the tip sheet, there is a link to senior conversion loan counselors by state. Many of them offer services at no charge to you.

The list offers members of the following organizations:

* National Foundation for Credit Counseling (NFCC)
* Money Management International (MMI)
* Consumer Credit Counseling Service (CCCS)

To begin finding a free reverse mortgage counseling agency, just visit the link above. Keep in mind though that finding a counselor who you feel comfortable with, someone who is close to your location, and someone who has availability to meet with you soon, may be more important than whether or not they charge for their services.

Derek Day is a writer and reverse mortgage specialist, regularly posting articles to numerous blogs and online resources. He also manages a website for seniors at Senior Reverse Mortgage Online. You may visit these resources or contact him by phone at 1-866-216-4636.

Photo by Luica Mak

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