What to Expect from Reverse Mortgage Counseling
At Citizens Lending Group, we believe in educating our customers to the fullest. Therefore, we believe that reverse mortgage counseling is one of the most important requirements of all reverse mortgages. We support this because of the valuable information that is made available to all borrowers during this process as reverse mortgage counseling can help individuals consider the costs of a reverse mortgage and determine if a reverse mortgage is right for them.
If you live in Florida, California, or Pennsylvania, contact us today to learn more about reverse mortgage requirements and to learn how you can connect with a reverse mortgage counseling expert.
How Reverse Mortgage Counseling Works
Third party reverse mortgage counseling is a required part of the reverse mortgage process for any individual considering taking a reverse mortgage loan. This is intended to let you speak with an unbiased professional about the entire loan process including reverse mortgage pros and cons. It is important to receive this level of neutral information when making a decision about reverse mortgage because it can often be difficult to understand all the details on your own. Therefore, you need someone who is not simply trying to sell something to give you all the real facts and benefits of these loans.
Most reverse mortgage counseling sessions take around an hour and, depending on your state, can be done in person or over the phone. Your counselor must be approved by HUD to qualify.
During your counseling session, you will learn about the Federal Housing Administration and their role in insuring the reverse mortgage process. This is an arm of the Federal Government that ensures fair practices are applied in all areas of the housing market from first time homebuyers to reverse mortgage borrowers.
You may also be shown comparisons of different financial options and costs using software provided by the counselor. Again, reverse mortgage counseling is meant to help you make the best decision, and showing you this data lets you know up front how much money you could receive in cash and how much you will end up having to pay back when you sell your home or pass away.
One of the most important details, is that the counselor will help you to understand each term and reverse mortgage definition you will encounter in the loan process. Since most people are not familiar with the language used in legal and financial documents, this can be a crucial part of learning about your loan.
Reverse mortgage counseling will also cover the interest rates and how these may affect the cash available to you at the time of your loan.
It is also important that reverse mortgage counseling inform you of any repairs that must be made to your home and other financial responsibilities you will have. You are required to properly maintain your home in order to remain eligible for a reverse mortgage.
Contact Us to Learn More About Reverse Mortgage Counseling in California, Pennsylvania, & Florida
Reverse mortgage counseling is one of the most important steps in obtaining crucial information about these loans and the value they can add to your retirement. Therefore, you are required to participate in order to understand your loan completely.
To learn more about reverse mortgage requirements and what you should ask during your counseling session, please contact the experts at Citizens Lending Group today.