Counseling
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What to expect during a reverse mortgage counseling session.
Meeting with an FHA-approved counselor is part of the application process.
A counseling session with an independent third-party counselor is required by law, if you are applying for a federally insured reverse mortgage. In many states, such as California, counseling is also required for proprietary loans, which are not federally insured.
The meeting with the FHA-approved counselor can be done in person or over the phone, and consists of confirming your eligibility, reviewing the loan terms, and ensuring that you have considered all your financial alternatives. The counselor verifies that you understand the reverse mortgage, are comfortable with your choice, and have not made the decision as a result of pressure from someone else.
Golden Gateway Financial provides you with both a preparation session before and after your meeting with the counselor, so that you know what to expect. At this point of the loan process, one of our financial specialists will have thoroughly evaluated your situation with you, explained the loan process step by step, and answered all of your questions.
We are committed to helping you make an informed financial decision, and because we operate independently from the lenders, we are uniquely positioned to help you make choices that are right for your circumstances.
