Counseling

Any Senior Citizen applying for a Reverse Mortgage is required to attend a counseling session to ensure that a Reverse Mortgage is the right way to go.  These sessions are conducted by HUD approved counselors.  They are open to any and all family members.  They run approximately one hour and counselors are available for individual meetings or by telephone. This is an opportunity to ask questions, review one's budget and receive up to date information on Reverse Mortgage products. 

There is currently a $125.00 fee for these sessions.  Seniors facing bankruptcy or foreclosure may be eligible for a discounted rate or qualify to be exempt from the fee.  Please check with your counselor for details. 

Once a client has completed this counseling, they will be given a certificate that makes them eligible for a Reverse Mortgage for six months.  After that time, the client would need to re-do the counseling.  If a client chooses to refinance their Reverse Mortgage in the future additional counseling is usually required at that time.

For a list of counselors in your area, please go to:

http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?filtersvc=hec&filtermultistate=yes 

or contact AARP at (800)209-8085

or Money Management International (MMA) at (877)908-2227

or National Foundation of Credit Counselors (866)698-6322

Counselors available in Northeast Pennsylvania include: 

Consumer Credit Counseling of NE PA at (800)922-9537

Catholic Social Services at (570)207-2283

United Neighborhood Centers of Lackawanna County, Inc. at  (570)343-8835  

Committee on Economic Opportunity of Luzerne County at (570)826-0510 or (800)822-0359