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People also ask
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How long does reverse mortgage counseling take?
However, it's important to note that the counselor should not explicitly tell you whether to proceed or which product to use—they are simply there to provide the guidance you need to make an informed decision. The reverse mortgage counseling session takes about one hour.
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What is the meaning of housing counseling?
"Housing Counseling is independent, expert advice customized to the need of the consumer to address the consumer's housing barriers and to help achieve their housing goals and must include the following processes: intake; financial and housing affordability analysis; an action plan, except for reverse mortgage ...
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How do I find a local HUD counselor?
Search online for a housing counseling agency near you, or call HUD's interactive voice system at: (800) 569-4287. If you are facing foreclosure and want the assistance of a housing counselor, search the list of Foreclosure Avoidance Counselors or visit the Making Home Affordable program Q for Borrowers.
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What does it mean to be HUD certified?
Housing counseling required by HUD programs must be provided only by certified housing counselors who work for organizations approved to participate in HUD's Housing Counseling Program. In order to be certified, an individual must: Pass a standardized written examination covering six major topic areas.
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Why do you need counseling for a reverse mortgage?
Reverse mortgage counseling aims to protect borrowers by making sure that they understand how the loans work: the benefits as well as the costs, payment plans, how to spot red flags or signs of elder abuse, and other financial alternatives that might be available to the homeowner.
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What do mortgage counselors do?
A housing counselor is a financial advocate who can advise on a wide range of housing-related topics such as buying a home, default and foreclosure prevention, and reverse mortgages, and is also knowledgeable about local and state-level assistance programs and procedures.
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In what year did HUD establish their housing counseling program?
August 1968 HUD's Housing Counseling Program was created through the Housing and Urban Development Act of 1968.
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What is HUD housing counseling?
"Housing Counseling is independent, expert advice customized to the need of the consumer to address the consumer's housing barriers and to help achieve their housing goals and must include the following processes: intake; financial and housing affordability analysis; an action plan, except for reverse mortgage ...
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