What is reverse mortgage counseling?
• Reverse mortgage counseling is required by FHA and is done by a certified credit counseling agency that has understood and passed a rigorous national exam administered by AARP. • These counselors use loan analysis and comparison software to give you an unbiased and comprehensive advice as well as share with you the other alternatives to a reverse mortgage such as selling or downsizing or moving into an apartment or with family members. What is the truth about allegations of “deception” or “bad press” regarding reverse mortgages and annuities? • Some unscrupulous reverse mortgage agents are securing reverse mortgages for their clients with the hope that the large lump sum of money made available by the reverse mortgage be put into annuities for higher commission capabilities, kind of a double whammy. • They get the sale of the reverse mortgage and then also get the sale of the annuity, all the while keeping you from accessing the cash you were short on to begin with. • New HECM legisl
