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HUD Reverse Mortgage: Choosing a Counselor

Aug 2, 2008
A HUD reverse mortgage is a kind of home mortgage sanctioned by HUD. This is the most typical of the different kinds breeds of reverse home loans. This is so because it gives lower rates and the guidelines are created by the Department of Housing and Urban Development.

One of the requirements for any owner who wants to obtain a HUD reverse mortgage is to go to a counseling session with a professional. This expert is a third-party expert and is there to assist you with any concerns you might have.

Because reverse loans are so different from a traditional loan, it is a very good solution to use this free counseling session to your benefit. The advisor might solve any doubts you could have.

Inquire your mortgage lender for a list of approved HUD advisers in your neighbor. If there are none in your area or you choose not to go physically to the agency, you can request a list of phones.

The major mission of the counseling session is to assist you to learn how a reverse home mortgage functions and what you might expect in the process. You can ask any doubts you can have about this matter.

Generally, a session takes anywhere between 30 minutes and two hours. It all depends on the amount of doubts you have.

To make sure that you get the most benefit of this session, be sure to copy your doubts before you get there. Look at the subject and copy any doubts you may have as you do the searching. This alone could help you save thousands of dollars.

In addition, take all the needed documents with you. Most of the times, a copy of your present mortgage and the note is sufficient. Having this documentation can assist the counselor give you a more realistic idea on what you could look for and how much money you can get.

Remember that the advising session is one of the safeguards mandated by the HUD to make sure that senior homeowners learn about the ramifications of applying for a reverse loan. It helps you learn how a HUD reverse mortgage works before making the decision to obtain one.

Obviously, the mortgage lender that you use will in addition assist you with any doubts you may have. Also, a good lender will assist you through the whole process to ensure that it is a stress-free experience. It's up to you to select a mortgage lender that will help you get the best sort of HUD reverse mortgage for you.
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