Reverse Mortgage Counselors
Roster Eligibility Requirements
FHA approved Reverse Mortgage counselors must meet a short list of criteria listed below:
- Passed the National HECM Counseling Exam; Registration info is available at http://www.hecmexam.org.
- Successfully finished at least one of the training course related to HECM counseling within the past 2 years;
- NOT be listed on the General Services Administration's Excluded Parties List System (EPLS), HUD's Limited Denial of Participation List (LDP), or HUD's Credit Alert Interactive Voice Response System (CAIVRS), and
- Be employed by a HUD-approved housing counseling agency.
What is Covered?
The Reverse Mortgage counselors must cover the following topics during the session:
- Alternatives to getting a reverse mortgage
- The implications of getting a reverse mortgage such as carrying a loan that is negative amortization by definition and possible impact on the estate and heirs.
- A disclosure that a Home Equity Conversion Mortgage may have tax consequences, effect eligibility for assistance under Federal and State programs
Can You Recommend Any Reverse Mortgage Lenders?
We do not endorse or recommend any specific lender. There are good directories on the web at sites such as
Reversemortgage.org and
Reversemortgagelenders.net that list licensed reverse mortgage lenders for you to check out.