Reverse Mortgage Counseling
Am I required to receive counseling before I get a reverse mortgage?
Yes. Counseling, one of the safeguards of reverse mortgages, is required for all three current reverse mortgage products before you can obtain a loan. Counseling is an educational session at which you are informed about reverse mortgages and your other options. You can get the name of a local counseling agency or qualified telephone counselor from a reverse mortgage lender or by calling Fannie Mae’s Homepath service (toll-free 1-800-732-6643), or HUD’s Housing Counseling Clearinghouse (toll-free 1-888-466-3487).
