Reverse Mortgage Counseling

A reverse mortgage, also known as Home Equity Conversion Mortgage (HECM), is a unique type of loan for homeowners aged 62 and older that allows the homeowner to convert a portion of the equity in the home into cash.

If you’re considering a HECM loan, you’ll be required to first have a counseling session with a HECM certified counselor. In the counseling session, the counselor will go over all of the benefits and responsibilities of a reverse mortgage:

• The process of obtaining the loan
• Home maintenance responsibilities
• Insurance and property tax payments
• How and when the loan is repaid
• Determining the amount and term of the loan
• How the reverse mortgage may affect your heirs

For more information about reverse mortgages, review our Guide to Reverse Mortgages.