HECM Counseling Costs

What will reverse mortgage counseling cost in Corvallis Oregon?

Housing counselors are permitted to charge for reverse mortgage counseling, however the agency must inform you about the expense before charging you it, and the fee really should be affordable. Charges are typically around $125. Counseling agencies are instructed to waive the counseling fee when your income is under two times the poverty level.

Tip:

Make sure your reverse mortgage counselor is approved by the U.S. Department of Urban Development (HUD). You can find HUD-approved housing counselor by visiting HUD’s counselor research webpage or calling HUD’s housing counselor referral line (1-800-569-4287).

Tip:

If you’re behind on your real estate taxes and insurance premiums and you are facing foreclosure, you could get zero cost reverse mortgage foreclosure avoidance counseling. To find a specialist counselor, call one of the five national counseling agencies and ask for HECM foreclosure prevention counseling:

CredAbility: 1-888-395-2664
Money Management International: 1-866-765-3328
National Council on the Aging: 1-800-510-0301
National Foundation for Credit Counseling: 1-866-363-2227
NeighborWorks America: 1-888-990-4326

In the event you paid someone up-front for counseling and they never supplied counseling to you, or if someone is offering you counseling as long as you simply purchase an insurance or financial product along with your reverse mortgage, report the agency and counselor by registering a complaint with the CFPB, or calling 1-855-411-CFPB (2372).