Question:

Should I get reverse mortgage counseling?

Answer:

By all means before signing for a reverse mortgage counseling is a prerequisite. If you are taking a HECM - a reverse mortgage with HUD (Department of Housing and Urban Development), you will be required to attend reverse mortgage counseling.

If you are going with a proprietary reverse mortgage lender, they may not request that you attend counseling. Some states will make reverse mortgage counseling obligatory in either case, but not all.

However, it is for your own sake to make the best of a reverse mortgage and the only way to benefit from this mortgage product is to be informed, educated, and have your own questions regarding your specific situation. In no way you can rely on what one single lender will tell you.

With a reverse mortgage program, you have a variety of options and strategies to maximize your benefits. It may be better to enter such a program a little later in your retirement, or go with a lifelong reverse mortgage, or not take one at all, if you want to leave the house to your heirs. All these questions and options it is best to discuss on a reverse mortgage counseling session. This will allow you to make an informed decision.

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