Counseling LocatorReverse Mortgage Counseling Locator helps easily locate counseling agencies. Anyone can quickly find nearby HUD-approved agencies by just entering a five digit zip code. Homeowners can review the agency list, and select the agency they desire, including those that offer money-saving options. Homeowners can use the system to initiate contact with an agency, schedule a counseling session, and arrange to do it by the HUD recommended in-person method, or by telephone, or by a private, personalized, computer-based Webinar. Be sure to see how to "Save $ on Counseling Fees!" and check "Enjoy a Counseling Webinar" to the right to take advantage of all that Counseling Locator has to offer.
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Save $ on Counseling Fees!Counseling Locator has developed ways to save your money. We've partnered with Reverse Mortgage Counseling Agencies that allow you to submit part of your required information prior to the session, to reduce agency costs, and reduce your fees. Besides saving time, it can improve accuracy, because you can be more precise about your budget data, which leads to better counseling results. By providing your personal and budget information at your convenience, prior to the counseling session, you will save data gathering and entry time for the counselor during your session. This also promotes higher quality counseling due to more focus on personalized analysis and education, rather than data entry and budget number questions.
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Enjoy a Counseling WebinarA Counseling Webinar is a web-based counseling session, sometimes called distance learning, performed through the Internet. In this case, the Homeowner(s) of one home privately interact in a personalized counseling and education session, guided by a trained and HUD-certified counselor. No other homeowners or lenders are allowed. It's well known that multi-media presentations enhance learning and retention, especially compared to an audio-only telephonic session. The addition of visual components makes the session more interesting, more dynamic, and more effective. It also promotes higher interactivity from the participating homeowner, who converses vocally, and optionally through computer input.
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Reverse Mortgage QualificationsHomeowner(s) must be 62 years of age or older, live in the home, own the home, or have a mortgage balance that can be paid off at closing with proceeds from the reverse loan. Homeowner(s) must complete the HUD-mandated counseling to help them understand their options, alternatives, risks, and requirements. They must obtain a certificate of counseling. The home must be a single family home or a 1-4 unit home with one unit occupied by the borrower. HUD-approved condominiums and manufactured homes that meet FHA requirements are also eligible.
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HUD-Compliant Agency ListFor Lenders providing a list of counseling agencies, Counseling Locator helps you comply with HUD's specific requirements. As prescribed in the HECM MORTGAGEE LETTER 2009-10, "Lenders are required to provide every client with a list of no fewer than ten (10) HUD-approved counseling agencies... five of which must be in the local area and/or state... for the purpose of face to face counseling." In addition to the five local agencies, five national or multi-state organizations must be listed. Counseling Locator does all this for you, maintaining compliance with this and other HUD requirements.
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