Reverse mortgages are not for every borrower over the age of 62. To help borrowers determine if they want to proceed with a reverse (HECM) mortgage, there is a counseling requirement. Any borrower considering a HECM mortgage must taking counseling before we can proceed. Our FSB LO (Danessa Iversen) will provide them with the loan options available to them. Then the counseling will be required to take place before Danessa can move forward with the borrower. The counseling reviews the pros & cons in conjunction with the borrower's current situation and helps them get the education about the loan program they need to decide if they wish to proceed.
If they do wish to proceed, they provide proof of the counseling to our FSB Loan Officer and Danessa begins the loan disclosure process. The loan proceeds as expected with normal processing, appraisal and title taking place. Closing must occur with a title company familiar with Reverse Mortgages.