Why Is Counseling Required?
All borrowers are required to receive counseling from a third-party counseling agency prior to applying for a reverse mortgage. This counseling makes sure that you fully understand the concept of a reverse mortgage, and also helps you investigate other options other than a reverse mortgage. Your reverse mortgage loan officer will have a list of counselors in your area, and can refer you the counselor nearest you. If you are unable to go to the counselor's place of business, AARP will do counseling by phone.
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