Frequently Asked Questions About the Reverse Mortgage Counseling Certificate
In order to get a Home Equity Conversion Mortgage (reverse mortgage), you’ll need an HECM Counseling Certificate. Here are a few of the most frequently asked questions surrounding this document.
How do I get an HECM Counseling Certificate?
In order to get the home equity conversion mortgage certificate, you’ll need to go through reverse mortgage counseling with a HUD-approved HECM counselor.
How do I find an HECM counselor?
Your reverse mortgage lender can point you in the right direction and provide a list of approved counselors serving your area, or you can look them up yourself on the HUD website here or you can call (800) 569-4287.
You may also reach out to an HECM counselor through the HUD Exchange here. These counselors provide face-to-face and telephone counseling sessions nationwide.
Does my spouse need to be on the certificate, even if they’re not an owner?
Non-owner spouses may also be required to receive counseling and therefore be on the certificate. To find out if your spouse should be on the certificate, talk to your lender.
Who else may be required to receive counseling, other than the homeowner?
In addition to the homeowner and a non-owner spouse, here are a few more individuals who might be required to receive HECM counseling:
- A spouse who is now an owner but plans to quit-claim
- Another owner who plans to quit-claim
- The owner of a remainder interest in the property
- HECM-eligible beneficiaries of a trust that owns the property
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When does the HECM counseling certificate expire?
Your HECM counseling certificate is good 180 days from the counseling session. In the event that the borrower received more than one day of counseling, the certificate will be good for 180 days from the latest date under the section “Counseling Session was Held On.”
What if the certificate expires?
If your HECM counseling certificate expires, you will need to repeat counseling with an approved HECM counselor in order for them to issue a new certificate. The reason for the expiration date is that the borrower may not fully remember the information given more than six months ago, making it difficult to asses whether or not they truly understand the loan’s requirements, risks and their financial obligation in relation to the loan. Furthermore, the client’s circumstances, features of the HECM program and the prevailing costs and interest rates are more likely to have changed after six months.
Learn more about how people are using home equity conversion mortgages for purchasing homes:
Please keep in mind that the reverse mortgage industry in constantly changing and some of the information contained on this site may not be current. Please ask a licensed reverse mortgage professional for up-to-date guidelines.