Your home, your retirement
Reverse mortgage is a goverment-insured loan program that allows homeowner age 62 and older to maintain their financial freedom.
Reverse Mortgage Counseling Information
What is counseling and why is it required?
To qualify for a reverse mortgage, all borrower(s) must go through counseling. Counseling ensures that you are aware of all of your financial options before you start the reverse mortgage process.
Reverse mortgage counseling is facilitated by a third party who is approved by the Department of House and Urban Development (HUD).
Please click the link below to find a HUD approved counseling agency near you!View Sample Proposal
Why is counseling done by a third party?
Counseling is required by a third party to make certain that the information you are getting is unbiased. The counselor makes sure you understand the reverse mortgage program and other possible financial options.
What can you expect during the counseling process?
The counseling appointment can be facilitated over the phone or in person and it typically takes about an hour. However, some states require counseling to be completed in person. At Ameristar Reverse Mortgage we ensure that you understand the entire process including what to expect at the counseling appointment. The counselor will take you through the reverse mortgage process and explain exactly what a Reverse mortgage is and will talk to you about your finances in depth.
The counselor is required to review your housing and financial options. Inform you of the possible consequences of a reverse mortgage on a state and federal programs, and the impact that a reverse mortgage could have on your family. Getting a mortgage is one of the largest investments you will ever make and the same goes for a reverse mortgage. After counseling, if you feel that a Reverse mortgage fits your lifestyle and desires, then you need to send your completed counseling certificate to your licensed expert who will guide you to the next step in the process. It’s that simple!
Free Personal Analysis
Discover if a reverse mortgage loan is right for you. Please fill out the form to receive your free complete report with a breakdown of the costs and guidelines.
Time is running out for saving money
The mortgage insurance is going up to mandatory fee of 2.00% Upfront and 0.50% Per Annual. You can still get the previous fees and also be able to get more funds as long as you get started by October 2, 2017!