HUD announces new counseling protocol for reverse mortgages
On July 13, 2010, HUD published the revised HECM Counseling Handbook. The new protocol expands existing requirements to which counselors must adhere during HECM counseling sessions. Additional new requirements help to ensure that senior borrowers thoroughly understand the Reverse Mortgage transaction.
Effective September 11, all borrowers should have in their possession the following five documents PRIOR to scheduling their counseling session:
1. Preparing for Your Counseling Session
2, Amortization Schedule
3. Use Your Home to Stay at Home
4. Total Annual Loan Cost (TALC)
5. Reverse Mortgage Comparison
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For a free informational package on reverse mortgage programs,
call Sam Collins, Delaware Financial, 877-266-9500 toll-free.
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For more information or to ask a question, you can email
Sam by using the contact form at the top of this page.
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If you want to see how much you qualify to receive,
for your reverse mortgage, you are welcome to use our
Free reverse mortgage calculator:
http://www.seniorsrighttoknow.org/calculator.html
