Every HECM borrower must complete a counseling session with an independent, HUD-approved counselor before applying. It protects you, and it is worth taking seriously. Here is what to expect.
What the counselor covers
- How a reverse mortgage works and what it costs
- Your obligations for taxes, insurance and upkeep
- How the loan affects heirs and a non-borrowing spouse
- Alternatives, such as downsizing, a HELOC or local assistance programs
- Your budget, to make sure the loan fits
How it works
- Sessions are usually by phone and take about an hour, sometimes longer
- Counselors work for HUD-approved agencies, not lenders
- Some agencies charge a fee, and many can waive it based on need
- You get a counseling certificate that is required for your application
- Family members are welcome to join
Steve gives every client a list of HUD-approved agencies so you can pick one yourself.
Common questions
Does counseling commit me to anything?
No. It is informational. You are free to walk away afterward.
How long is the certificate good for?
A counseling certificate is generally valid for 180 days.
Can I do counseling in person?
Some agencies offer in-person sessions, but most Kansas and Missouri borrowers choose phone counseling for convenience.
Related: How it works · Who qualifies · Costs · For families · FAQ · Service areas
Talk to a real person in Kansas City
Steve Clune is a licensed loan officer for Kansas and Missouri. Call or text with your questions. If you miss him, send a text and he’ll get back to you.