Reverse Mortgage FAQ's
Who Can Request Counseling?
The borrowers on the property deed or the authorized legal representative of the borrowers can request
reverse mortgage counseling. Lenders cannot contact or select a HUD-approved agency to request
counseling on behalf of the borrowers. Authorized legal representatives can be a guardian,
conservator, or a person holding a durable power of attorney who has been authorized to act in
this matter by the borrower.
How Can Counseling be Obtained?
The Reverse Mortgage Counseling Association (RMCA) is the largest non-profit reverse mortgage
counseling association in the country. Its member agencies combined have over 230 member counseling
locations that employ over 300 reverse mortgage counselors across the country. RMCA members
have helped over 75,000 seniors within the last year with their reverse mortgage counseling and
continue to counsel over 4,000 seniors each month. Reverse mortgage counseling can be conducted
in-person, or by telephone in most states. The easiest way for a senior to find a counselor is
to visit the "Senior Homeowner" section of the RMCA Web site entering their zip code in the
"Find a Counselor" box and following the instructions.
How Is a Lender Chosen?
It is imperative that a senior select a qualified HUD-approved reverse mortgage lender to
help determine eligibility for a reverse mortgage. Please visit "How Do I Choose a Lender"
in the Senior Homeowner section of the RMCA Web site.
How Does the Reverse Mortgage Counseling Process Work?
- A potential borrower must first choose a counseling agency (please see "How Can Counseling be Obtained" above) and schedule an appointment directly with the counseling agency. Lenders cannot initiate or participate in the counseling session.
- Once an appointment has been made, the counseling agency will send pre-counseling information for the senior to review prior to counseling.
- The counselor will obtain name, contact and other key information for the counseling session.
- The counselor will discuss the borrower's needs and circumstances, providing information about reverse mortgages and other alternative types and assistance that may be available to the senior.
- Once the counseling session has been completed and both counselor and senior are satisfied that the essentials of the reverse mortgage are understood by the potential borrower, the counselor will issue a certificate.
- The reverse mortgage counselor will follow-up to determine if the potential borrower needs further assistance, information, or has any questions about the reverse mortgage process.