Why Do I Need to Get Counseling?
Counseling is one of the most important consumer protections built into the program.
It requires an independent third-party to make sure you understand the program, and review alternative options, before you apply for a Colorado reverse mortgage.
You can seek counseling from a local HUD-approved counseling agency, or a national counseling agency, such as AARP or National Foundation for Credit Counseling (866-698-6322).
Counseling is required for all Colorado reverse mortgages and may be conducted face-to-face or by telephone.
By law, a counselor must review (i) options, other than a Colorado reverse mortgage, that are available to the prospective borrower, including housing, social services, health and financial alternatives; (ii) other home equity conversion options that are or may become available to the prospective borrower, such as property tax deferral programs; (iii) the financial implications of entering into a Colorado reverse mortgage; and, (iv) the tax consequences affecting the prospective borrower’s eligibility under state or federal programs and the impact on the estate or his or her heirs.
Below are links to some common questions asked by consumers about Colorado reverse mortgage loan.
More Colorado Reverse Mortgage Loan Information:
About Colorado Reverse Mortgages! | Does My Home Qualify? | How Much Money Can I Get? | What are My Payment Plan Options? | Line of Credit Option is Earning Interest, Right? | How Can I Use the Proceeds from a Colorado Reverse Mortgage? | How Does the Interest Work on a Colorado Reverse Mortgage? | Are There Any Special Requirements to Get a Colorado Reverse Mortgage? | What If I Have An Existing Mortgage? | What Is the Service Fee Set-Aside? | Will I Lose My Government Assistance If I Get a Colorado Reverse Mortgage Loan? | Why Do I Need to Get Counseling? | When Do I Pay Back My Loan?
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