Before applying for a reverse mortgage loan, you must meet with a reverse mortgage expert to ensure that you know all about the loan. In fact, meeting with an approved counselor is a prerequisite for applying for a reverse mortgage loan.
But what exactly are the benefits of talking with a reverse mortgage expert?
A reverse mortgage specialist will explain to you everything there is to know about the loan option. You will know the costs and financial implications related to the loan. The counselor will also explain the alternative reverse mortgage loans – single purpose, proprietary, or HECM reverse mortgage. This information will prove invaluable in selecting the right loan option.
The reverse mortgage counselor will tell you about the costs of different loan options as well as the procedure to apply for the loan program. You will know about the loan payment fees and other related costs attached to the reverse mortgage loan.
Keep in mind that the counseling agencies charge a fee for their services. The fee can be paid from the proceeds of the loan. However, if you can’t afford to pay the fee, you will still receive the counseling. The approved counselors have in-depth information about the reverse mortgage loan and can offer you qualified information regarding the loan option. Their advice will ensure that you select the best reverse mortgage option that suits your financial requirements.
The only requirement is that the counselor should be approved by the US Department of Housing and Development (HUD). To get in touch with approved HUD counselors you can visit the website.
