Whenever an individual intends to opt for a reverse mortgage loan, it is obligatory as per norms of the Federal Government that the borrower has to avail of a session in reverse mortgage counseling. Reverse mortgage counseling may be extended only by a firm, which has been certified by the state or the Housing and Urban Development (HUD). The counselors usually do not charge the borrowers for holding the counseling sessions.
Of late, reverse mortgages have become the principal income sources for majority of the elderly people. It saves them a lot of trouble about their financial insecurity after retirement.
The main aim of reverse mortgage counseling sessions lie in the fact that they are able to guide the senior citizens about the appropriateness of selecting a particular reverse mortgage loan program better. In the course of reverse mortgage counseling sessions, the borrowers are provided information about the various reverse mortgage loans available, the prerequisites, the rates of interest, the different fees charged for availing the reverse mortgage loan and other related information.
CCCS or Consumer Credit Counseling Service-HUD approved counseling firm:
One such reverse mortgage-counseling firm is the CCCS or Consumer Credit Counseling Service. This organization has the certification of the Housing and Urban Development Department of United States of America.
Counseling sessions include discussions on the following subjects.
Refusal of reverse mortgage loan
Default in reverse mortgage loan
Furnishing information about pre purchase
Delinquency in rentals
Norms pertaining to post occupancy.
There are many reverse mortgage counselors extending effective suggestion as well as advice to the senior citizens intending to apply for reverse mortgage loans.
Some of the names of the reverse mortgage counselors are provided below.
Northwestern Regional Housing Authority
Albemarle Commission
Charlotte Mecklenburg Housing Partnership, Inc.
Durham Affordable Housing Coalition
Triangle Family Services
On Track Financial Education & Counseling.