Question:

Do I always have to go to a HECM advisor?

Answer:

Attending a meeting with HECM advisor, or at least making a phone call with one will be required by HUD, if you are signing for a HECM reverse mortgage. In some states signing for any type of reverse mortgage will require talking to a reverse mortgage advisor, so you can't just skip this.

A professional HECM advisor will be very helpful to discuss what kind of reverse mortgage product you will be eligible for, and what possible strategy you could use to maximize your benefits.

Since there are many factors to consider, a HECM advisor will go through your future life plans, the money you want to receive now, your health care needs, etc. If you live in a quickly appreciating area you may be eligible for an increase of your monthly installment later on, and this is also a good topic you could discuss with your HECM advisor.

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