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From HECM counseling:
Dear Homeowner, 31742000-1

Thank you for requesting reverse mortgage counseling through Money Management International (MMI). Our role is to provide you with the independent information you need to make your own best decisions about the various reverse mortgage loans and other alternatives that may be available to you.
So that you are aware, this agency does not endorse or recommend any reverse mortgage loan or lender. The counseling process explains the key features of reverse mortgages in general by covering the costs, benefits and financial implications of these loans. It also provides information on alternatives to reverse mortgages that may be more beneficial to you.

This packet contains the resources that the U.S. Department of Housing and Urban Development (HUD) requires you to review before counseling. Please take time to review the following documents:

Use your home to stay at home: http://www.moneymanagement.org/~/media/Files/InstructionalDesign/Immediate-Care-Guide-NCOA-Booklet.ashx
Preparing for your counseling session: http://www.moneymanagement.org/~/media/Files/InstructionalDesign/Preparing-for-Your-Counseling-Session.ashx
Sample Loan Comparison printout (Attached)
Sample Amortization Schedule printout (Attached)
Sample TALC Rate printout (Attached)

Please have the materials on hand for the counseling session.

During your counseling session, you will discuss your current financial situation with the counselor in order to review your alternatives to a reverse mortgage based on your unique situation. So it may help to gather this information prior to the session.

Monthly expenses-such as food and household supplies, utilities, medicine, insurance.
Annual property tax amount
Annual homeowner’s insurance premium
Monthly income for the household
Monthly debt payments and amount owed such as car, credit cards etc
Assets-401k, savings, value of vehicles

You will also want to have paper and pencils handy to take notes. The counseling session will last an hour or longer if necessary.

When the counseling is successfully completed you will receive a HECM counseling certificate. When you sign this certificate you will be verifying that you have completed counseling. You will need a signed copy of the certificate for your lender if you decide to apply for a federally funded Home Equity Reverse Mortgage (HECM) in the next six months.

Cathy Davis
Certified Consumer Credit Counselor/HECM Counselor
Money Management International/Improving lives through financial education.
1018 North Gloster Street Suite H
Tupelo, MS 38804
D:800-850-2227 x 5655 F:662-680-9751

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