Reverse Mortgage Counseling
Helping senior homeowners take advantage of equity in their homes.
Consolidated Credit is approved by the U.S. Department of Housing and Urban Development (HUD) to provide reverse mortgage counseling. It is required by the Federal Housing Administration (FHA) before you complete an application for a reverse mortgage. If you need to schedule a reverse mortgage counseling session or you simply want to get more information about the reverse mortgage process, please call us at 1-800-435-2261 to speak with a HUD-approved reverse mortgage counselor today.
Basic Information about a Reverse Mortgage
A reverse mortgage is best for homeowners who are 62 years or older that have low or no outstanding mortgage debt. During your mandatory reverse mortgage counseling session, your counselor will work with you to help explain how reverse mortgages work, the financial and tax implications of taking out a reverse mortgage, payment options, and costs associated with a reverse mortgage.
Upon completion of the reverse mortgage counseling session, you will be issued a certificate of participation. If you choose to proceed with the loan process, your lender will require this certificate. It is our desire to make this process as informative and efficient as possible for you. The following information can help you fully understand the process and what you can expect once you secure a reverse mortgage.
More Information about Reverse Mortgages
This section is dedicated to providing more information about a reverse mortgage, itself. You can find detailed information to help you understand how reverse mortgages work, who can qualify to receive a reverse mortgage and the types of reverse mortgages available. If you’re considering using a reverse mortgage but you need to know more, this is a good place to get started.
This section provides more information about the reverse mortgage counseling session and what you need to do to prepare for your session prior to meeting with a HUD-approved reverse mortgage counselor. Learn more about preparing for your reverse mortgage counseling session so you can make sure you’re ready once you decide to meet with a counselor and secure a reverse mortgage.
This section walks you step by step through the reverse mortgage lending process so you can be more confident moving forward with a reverse mortgage. We’ll show you exactly what happens at each stage of the lending process so you know what to expect as you work towards securing a reverse mortgage.
Once you’ve gone through the counseling session and secured your reverse mortgage, it’s important to understand what happens next. Learn more about how you can receive payments from your reverse mortgage, how to change your payment plan, and what you can expect once it’s time to repay the loan.
If you still have questions about reverse mortgage counseling, the lending process or what to expect once you receive your loan, this section can help answer any remaining questions you may have. Find answers to the most commonly asked questions we receive when it comes to reverse mortgages.
This section provides helpful links to additional resources about reverse mortgages and the reverse mortgage lending process. Find handy links to government websites and other nonprofit resources related to reverse mortgages, plus property valuation tools and a handy mortgage glossary from Consolidated Credit.