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What is the purpose of the required counseling during the reverse mortgage process?

April 26, 2017counseling process purpose reverse mortgage

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What is the purpose of the required counseling during the reverse mortgage process?

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Reverse mortgages were designed to help senior citizens stay in their home for as long as they would like. However, since a reverse mortgage is not the right option for everyone it is important that all borrowers seek the counsel of a disinterested third party.