Reverse Mortgage (HECM) Counseling

The first step in getting a reverse mortgage is to have a reverse mortgage counseling session and obtain a certificate of HECM Counseling. Consolidated Credit Counseling Services can provide you information on getting a reverse mortgage and answer all your reverse mortgage questions in a very friendly and informative manner. If you need counseling, please call us at (800) 435-2262. The counseling costs $125.00. We usually provide counseling within 48 hours!
Spanish-speaking counselors also available!

Home > Housing Counseling > What is Reverse Mortgage?

What is Reverse Mortgage?

A reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM) is HUD's reverse mortgage program. Reverse mortgages are secured by the home and does not need to be repaid until the borrower dies, sells the home or moves out permanently.

To qualify for HUD’s reverse mortgage program, you must:

Be at least 62 years old
Own your home, which must be your primary residence.

There are no income requirements to be a part of a HECM program. It's OK to have an existing mortgage, but you must be able to qualify for enough money from the reverse mortgage to pay it off. You remain responsible for home maintenance, taxes and insurance.

You choose how you want to withdraw your funds, whether in a lump sum, line of credit, monthly payments or a combination of these options.

If you have access to enough cash, you can also use the HECM program to purchase a primary residence. But, you must be able to pay the difference between the HECM loan proceeds and the sales price plus closing costs for the property you want to buy.

A reverse mortgage calculator is available that can help you determine if you qualify for a HECM reverse mortgage. Just click here.

A HECM reverse mortgage can be obtained directly from a lender that offers this product, or through a mortgage broker. Click here to find a HUD/FHA approved reverse mortgage lender or broker near you.

Consolidated counselors will discuss the HECM program’s eligibility requirements, financial implications and alternatives to obtaining a HECM.

Consolidated counselors will also discuss when the mortgage must be repaid. Upon the completion of the HECM reverse mortgage counseling, you should be able to make an independent and informed decision.

The cost of counseling is $125, and is payable by debit card or credit card. Counseling is usually scheduled and completed within 48 hours!

Get started with your HECM counseling now by either calling us at 1-800-435-2262 or by clicking on the green button to the right.

One of our HECM counselors will set up a reverse mortgage counseling session at a time convenient to you.

For additional information on reverse mortgages before you conduct your HECM counseling session, please click on the booklet to the right, “Use Your Home to Stay at Home.”

Or click on one of our videos to the right on reverse mortgages.

Good luck and Consolidated Credit Counseling Services is ready to help! Call or contact us today!

Booklet

Use Your Home to Stay at Home
This user-friendly guide helps older homeowners understand the pros and cons of a HECM reverse mortgage. HUD requires that all reverse mortgage counseling clients receive a copy of this booklet.

"We are really proud to recommend Consolidated Credit" Dr. Jennifer O’Flanery, Ph.D. President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

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What You Need to Get Started

Account information of all unsecured debt
Income and expense detail per month
Co-debtor information

The process is safe and secure, takes under 30 minutes and you can save your information and complete it later. Once everything is entered and you’ve spoken with a counselor, we’ll be able to quickly determine your eligibility and start you on a payment plan. We have successfully helped over five million people since the early 1990’s.