Why do I need to see a Reverse Mortgage Counselor?

Why do I need to see a Reverse Mortgage Counselor?

For consumer protection it is required that anyone getting a Home Equity Conversion Mortgage see a certified counselor. In Minnesota it is a law that you have this counseling prior to receiving any reverse mortgage from a counseling agency that is located in Minnesota.

During the session the counselor will go over the reverse mortgage step by step, suggest other programs that can help you stay in your home, and explain the process in general. You will learn about reverse mortgages, so you can make the best decision for yourself. The length of the session depends on your knowledge of the product. You are welcome to bring adult children, friends, a financial planner, etc. However if you are already working with a reverse mortgage lender, they may not attend the session. Attending the counseling session does not mean that you are getting a reverse mortgage; it simply means you are interested in learning more about the product. A booklet that your counselor or lender will give you to read prior to the session is called, Use Your Home to Stay at Home.  Published by the National Council on Aging, NCOA. Click here to download the PDF.

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Stop in, call or send us a message to schedule a counseling appointment.

Questions?

(651) 368-8516

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