During your reverse mortgage counseling session, your counselor will work with you to help explain how reverse mortgages work, the financial and tax implications of taking out a reverse mortgage, payment options, and costs associated with a reverse mortgage.
For adjustable-rate mortgages, you can select one of the following payment plans: Part of the application process for a reverse mortgage includes counseling so that seniors. additional personal.
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4. Application, Fees, The person you will be dealing with is called a loan originator or reverse mortgage consultant.. and a signed counseling certificate.
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Certificate that you have undergone reverse mortgage loan counseling. The first and most basic piece of information that the reverse mortgage loan lender needs is a valid identification that shows how.
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OLDER homeowners who are considering a reverse mortgage can now get more help in the decision. If they cannot make that determination with confidence, they must withhold the counseling certificate,
Consumer Credit Counseling Service of Greater Atlanta – which has a big presence in Central Florida – has received a $1.8 million grant to counsel people who are considering taking out a reverse.
Upon completion, recommend that your borrower instruct the Counselor to Fax/ email the completed certificate to your attention. Your borrower must independently provide the counselor with your information. Counseling typically.
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Attend an FHA approved training course related to HECM counseling in the past two years. eligibility requires successfully completing at least one training.