Reverse Mortgage Counseling
Yes, counseling is required for all reverse mortgage products available today in the marketplace. All parties to the reverse mortgage loan must be counseled. Many seniors include their children in these sessions, or their trusted financial advisors. As of June, 2008, HUD has permitted counselors to charge for this service. However, they many not turn away any senior who is unable to pay.
“Thank you for your help working out all the
details for our Reverse Mortgage payout.
We couldn’t have done it without your expertise
and perseverance with the lender.
Your personality, professionalism, honesty, communication skills and dedication to the
solution of problems related to aging and
handling of the Reverse Mortgage process
resolved problems we were not able to deal with.
You are truly a hero to seniors who need assistance.”
Bob (father) and Gary (son), Colorado Springs, CO
“Virginia did a perfect Job. She really knows her stuff.”
Fredrick, Parker, CO
“We really appreciate everything you did to make the deal so easy and profitable for us. We will tell our friends about you. Thank you.”
William and Joy, Colorado Springs, CO
“Virginia Berry was excellent and I would refer her 100 times over as a Reverse Mortgage Broker.”
Sherry, Pueblo, CO
What is Reverse Mortgage Counseling?
This is an “education session” to be sure that you completely understand all that is involved with a reverse mortgage. The counseling is done by an approved agency and there may be a cost associated, that can be reimbursed to you upon closing of your reverse loan. You can choose to have this counseling done in person, or over the phone.
Once counseling is completed, a counseling certificate is either mailed to you (if you do counseling over the phone) or given to you in person. This counseling certificate is valid for 6 months.
I will ask you at application if you have completed counseling, and if so, you can sign the certificate and give it to me at that time. I can then order your title work, appraisal, credit reports etc on your application. If you have NOT completed counseling at time of application, we can still get started in the process, but I will be unable to order the appraisal, credit report, etc.
Here is a list of HUD approved counselors:
Debt Helpers - 800-920-2262
Hancock Community Development - 877-800-8540
National Counseling On Aging - 800-510-0301
Money Management International - 877-908-2227
Consumer Credit Counseling - 800-783-5018
CCCS od greater Dallas - PUEBLO - 719-598-2227
200 W. 1st Street
City of Aurora - 303-739-7900
9898 E. Colfax Ave.
Douglas County - 303-784-7856
9350 Heritage Hills
Lone Tree, CO
Money Management - 866-232-9080
7120 E. County Line Rd.
Highlands Ranch, CO
For more counseling agencies:
**These materials are not from HUD or FHA and were not approved by HUD or a government agency.
Regulated by the Colorado Division of Real Estate
Licensing: Colorado: LMB100018988 | Nationwide Mortgage Licensing System and Registry: #253702 | Company NMLS 1223741
Address of Corporate Office: 4520 Tierra Rojo Dr. Colorado Springs, CO 80926 | Copyright © 2008-2014 Virginia Berry, CSA