Thinking about getting a reverse mortgage loan?
Before you decide, it’s important to go through Reverse Mortgage Counseling.
- What is Reverse Mortgage Counseling? Reverse Mortgage Counseling is a mandatory session with a HUD-approved counselor to help you understand the terms and implications of your obtaining a reverse mortgage.
- Is Counseling Required? Yes. Current federal regulations require that all reverse mortgage applicants undergo special counseling prior to obtaining this reverse mortgage loan.
- Why Is Counseling Required? The purpose of reverse mortgage counseling is to ensure that you fully understand the risks and benefits of a reverse mortgage before proceeding or consummating the deal.
- What to Expect During Counseling: During counseling, you will have the opportunity to ask questions, review your financial situation, and explore alternative options to meet your financial needs and goals.
- Benefits of Counseling: Reverse mortgage counseling can help you avoid potential scams, assess your financial situation accurately, and make an informed decision that aligns with your long-term financial goals.
Reverse mortgage counseling is a crucial step in the process of obtaining a reverse mortgage. For more information, please call Michael Pankow, NMLS #220611, at (916) 296-7765.
