This is really an “education session” to be sure that you completely understand the reverse mortgage and your options before you obtain the loan. The counseling is done by an approved agency and there is no cost and no obligation. The counseling can be done over the phone or in person. As with many items connected with a reverse mortgage, it’s your choice. A counseling certificate will be given to you, or mailed to your home. You’ll need to sign and date the certificate and we will collect it at the time of application since we need to send it along with the loan application package to the underwriter.

Please remind your counselor to send a copy to Morningstar Mortgage at the conclusion of your appointment. In order to complete counseling, you must have decided which type of reverse mortgage you are interested in accepting. The certificate type completed must correctly match the application. For example: If you are interested in the HECM, you must complete HECM counseling. After our initial consultation, you will almost certainly have decided which Reverse Mortgage Program will benefit you the most.

Sources of Counseling for HECM Loans

These counselors work at HUD-approved housing counseling agencies. Unless prohibited by state law, any client may receive HECM telephone counseling from any of these counselors. The hotlines also have face-to-face counseling available in many areas, so please call for details.

1. Money Management International:

• The toll free telephone number is: 866-834-0428
• Counselors are available from 6:00 am to 8:00 pm EST Monday through Friday

2. Local Counseling Agencies

These organizations are approved by HUD, and may also provide face-to-face or telephone counseling.

• These counselors may only perform counseling for borrowers in their state.
• The loan officer must give the borrower the names of five counselors from this list, unless there are fewer than five counselors in your state.
• The list of counselors is at:https://entp.hud.gov/idapp/html/hecm_agency_search.cfm

Sources for Non-HECM Reverse Mortgage Counseling If after your initial inquiry and consultation with a Certified Mortgage Planning Specialist at Morningstar Mortgage, you decide a different Reverse Mortgage will best serve your needs, please call us. We will arrange the counseling required by the specific program.

For additional information, please visit our Reverse Mortgage information site at www.62homefree.com