HUD requires that all HECM borrowers receive independent, third-party counseling. The counselors will clearly explain the entire reverse mortgage process. They will cover eligibility requirements, financial implications, and the provisions of the HECM becoming due and payable when the home is vacated. After completion of the counseling, the borrowers will receive a certificate of completion which will allow the reverse mortgage to move forward. As a result of this counseling, borrowers should be able to make an informed decision about whether a reverse mortgage is the right choice for their individual needs.
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