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In 1989 the United States Department of Housing and Urban Development (HUD) created reverse mortgages as a 'Safe and Highly-Regulated Plan' to give older homeowners (age 62 or older) greater financial security.
HUD Reverse Mortgage Counseling Requirement.
Before you can complete your reverse mortgage application, you must first receive independent reverse mortgage counseling. This step, required by law, is designed to protect you.
After you have discussed this program with your reverse mortgage consultant and you've decided that you want to get one, you should schedule your reverse mortgage counseling session with a counselor approved by the U.S. Department of Housing and Urban Development (HUD).Your counselor will make sure you:
- understand the reverse mortgage process;
- you are aware of the financial implications;
- and have had all of your questions answered.
