how hecms work
HECM Counseling Overview
Taking out a reverse mortgage is a complex process and may not be the right choice for everyone. HECM borrowers are required to attend a session with a HUD-approved counselor to help insure they make an informed decision. Which of these areas are supposed to be discussed during a counseling session:
- Your current financial situation
- Finance options you may have other than a reverse mortgage
- How reverse mortgages work
ALL these issues should be explored. The counselor also will address HECM qualification requirements, factors that determine loan amounts, the pros and cons of the available HECM reverse mortgage options, and other responsibilities and issues to consider. Financial numbers offered during counseling are strictly given in illustration. Only lenders can provide you with the actual loan amounts, costs, and fees.