Reverse mortgage counseling is required before applying for a loan. Generally, you pay a fee for counseling. But the Consumer Credit Counseling Service (CCCS) of Greater Atlanta is offering free reverse loan counseling sessions nationwide.

Reverse Mortgage Counseling Grant

The CCCS is able to offer the counseling sessions thanks to a $1.8 million grant from the U.S. Department of Housing and Urban Development. The free counseling is being offered through September.

“We hope seniors across the country will take advantage of this opportunity. Obtaining this free counseling from a reputable and qualified nonprofit agency will help them understand all aspects of a reverse mortgage loan, and make an informed decision that is best for their unique situation,” said Suzanne Boas, president of CCCS of Greater Atlanta.

Reverse Loans for Seniors

You can schedule a reverse mortgage counseling session if you are 62 or over and thinking of applying for a loan. You also can schedule a counseling session on behalf of an older relative if you are the caregiver or have a financial power of attorney. Visit the agency’s Web site or call 866-616-3716 to schedule an appointment. Counseling sessions can be done by phone or in person.

Who Gives Counseling

Counselors who discuss reverse home loans are college graduates, have passed the HUD-approved Home Equity Conversion Mortgage (HECM) qualification exam, and take reverse mortgage education classes. Reverse loan counselors should be able to discuss all reverse mortgage guidelines so that you have a good understanding of how these loans work. They also should discuss reverse mortgages pros and cons so that you can make an informed decision about whether or not to borrow money.

Your reverse loan counselor also should discuss other options that don’t involve reverse mortgages but that may help your overall financial situation.

This entry was posted on Wednesday, January 13th, 2010 at 12:37 pm and is filed under Reverse Mortgage . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.