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    "Reverse Mortgage Originator: Scott O'Connell" Call: (209) 434-8333 or (775) 204-3390
    NMLS 250080

    It takes money to maintain a long, comfortable and financially secure retirement. But you don’t need to count your penny’s and sacrifice the lifestyle you want. The solution is right under your roof! Give us a call and we will educate you on reverse mortgages. With a good understanding, you can make good decisions.

    Reverse Mortgage Counseling

    FAQs | Info | Loan Process | Counseling | Glossary | HECM ‘At-A-Glance’

    Prior to counseling, you also need to have the HECM printouts including:Calculation Sheets TALC, Amortization Schedule & Loan comparison printout
    telephoneCall (800) 684-9438 and we’ll provide the printouts for you!

    Below are the pre counseling documents that you will need. All of them are downloadable pdf files – just click on the relevant link.

    Counseling is required for all HECMs or government-insured reverse mortgages. Reverse mortgages are the only financial product (perhaps the only product, period) that requires this.

    Why is this? Caution. Because reverse mortgages are designed for an older audience who are often on fixed incomes and involves what is usually everyone’s most valuable asset—their home—government and the reverse mortgage industry want to make sure you have all the information you need to make the right decision for you. A counseling session can take place either face-to-face or by telephone. Counselors have been trained to deliver the required information either way. The session should generally last one hour but can take longer as needed.

    Loan originators are not permitted to direct you to a specific counselor or counseling agency. Instead, they are required by HUD to provide a list of counselors, including local agencies and national intermediaries who are selected by HUD to provide counseling by telephone across the country.

    As stated previously, the selection of the counselor is up to the prospective reverse mortgage applicant and a reverse mortgage lender is prohibited from steering the prospective applicant to a specific counselor or counseling agency. Best case scenarios indicate that scheduling a counseling session will take three to ten business days from the time you place the call to the counseling agency.

    Reverse mortgage “counseling” is not therapeutic or psychological counseling. It is most comparable to tutoring, extra help in understanding something that can seem complicated due to all the details. The counselor will go over much of the same information provided to you by a lender.

    A counselor will:

    • Explain a reverse mortgage to you;
    • Explain the various reverse mortgage product options;
    • Explain the costs;
    • Utilize a Financial Interview Tool (FIT) to help you determine if you can afford a reverse mortgage and meet your financial obligations, such as paying your taxes and insurance;
    • Draw your attention to alternative options that might be available to you, such as property tax deferral programs;
    • See if you might be eligible for grant money or other financial assistance by utilizing BenefitsCheckup, a tool for identifying services such as housing assistance, tax deferral programs, home repair grants or loans, food stamps, fuel assistance, social services or healthcare;
    • Explain the consequences affecting the prospective borrower’s eligibility under state or federal programs and the impact on the estate or your heirs;
    • Review the loan comparisons provided to you by the lender as well as the Total Annual Loan Cost disclosure;
    • A counselor will not recommend that you obtain a specific product from any particular lender. Their role is to provide information and clarity but not advise;
    • Counseling generally costs $125 per session. Some counseling agencies are awarded various grants that sometimes enable them to offer the service free of charge.
    • When you complete the session, both the counselor and you will sign a counseling certificate verifying you have fulfilled this requirement.