how hecms work
Choosing a Housing Counselor
A reverse mortgage will affect you for years to come, so it pays to select a HUD-approved housing counselor who will provide thorough, timely information. Which of these factors can help insure you receive reliable advice?
- Choose a counseling session that’s online.
- Find a housing agency that keeps sessions brief to save on time.
- Make sure the counseling session allows for you to interact with the counselor.
“C” is correct. Online sessions may not give you an opportunity to ask questions or get clarification on issues you don’t understand. Housing counseling sessions usually cost $125. This expense often can be rolled into your HECM loan. HUD maintains a list of approved counseling agencies like Guidewell Financial Solutions. To schedule an appointment, call Guidewell at 1-866-731-8486. In the final module, we’ll examine how you can protect yourself from reverse mortgage scams. Continue to Avoiding Reverse Mortgage Scams.