Author : Juhani Tontti
It sounds a little bit strange, when we say, that the reverse mortgage counseling is a must. However, the truth is, that this counseling has saved the financial futures of many seniors, because the reverse mortgage counselors have helped seniors to get the correct and full information about these loans and to avoid too costly agreements.
1. A Reverse Mortgage Counselor Helps A Senior With All The Details For Free.
For most seniors their homes are their biggest lifetime investments. When a senior age 62 or over is going to take a reverse mortgage loan against the equity of his long saved home, the question is about a serious thing, about a long term investment, which will influence on many things in his life.
The FHA insured reverse mortgage loan is the only loan, which includes a compulsory meeting with the HUD approved reverse mortgage counselor. Because the question is about the details from the senior side, he has to prepare for the meeting by doing a list about things he sees important.
These HUD and FHA approved agencies offer also a consumer protection to seniors. A professional counselor can tell, whether the offer, which a senior may have received is along the market practices and whether the lender has a good reputation.
2. A Counselor Must Pass The Exam.
The senior counselors planned these exams. All new counselors must pass this exam and to participate further education once in every two years. A new counselor must also follow the guidelines about whether some new product on the market has approved and legal terms, so that he can protect his senior customers.
FHA and HUD made some secret shopper tests and sent their own borrowers to the lender meetings. They found out, that some lenders really offered products, which included too big packages to seniors and these extra features made the loans unnecessary expensive. This is the most important thing, which a HUD approved counselor can prevent.
It is natural and very human, that a senior is first unsure and makes lots of stupid questions. The job of the counselor is to understand and feel the situation and hopes of a senior. And to give guidance and calculations.
3. The Counseling Is Available Also By Phone.
Every state has its own counselors and a senior can either call or have a personal meeting with the counselor. This makes it quick and easy to get a contact, even if an area, where a senior lives has not its own counselor in the neighborhood.
The facts above prove that the visit with the counselor can give only big and long term benefits. It is recommended that a senior does the visit or calls to the counselor in the early phase of his thinking process. Later he can then fulfil the information, if needed.
Juhani Tontti, B.Sc., Marketing. The HUD Reverse Mortgage Counselors Help Seniors With Free FHA Reverse Mortgage Counseling. Visit: Reverse Mortgage Counselor
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