Counseling

HUD has licensed counselors nationwide to give borrowers an unprejudiced education about ins and outs of reverse mortgages. Counseling is mandatory and the application is not complete with the HECM Counseling Certificate.

The borrower can do counseling over the phone with a national agency or go to their local Ohio agency and do it face to face. When the counseling has been completed, the borrower will receive a HECM Counseling Certificate that can be passed back to the lender for submission.

The maximum cost for counseling is $125, but the fee may be reduced if the applicant requests a “hardship” from the counseling agency.