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Today, the Federal Housing Administration (FHA) approved lenders as well as HUD approved housing counseling agencies to allow prospective HECM borrowers the option of meeting face-to-face or by telephone to complete the loan origination process as well as counseling activities.
Prior to this change it was a requirement for borrowers to meet face-to-face with either the lender or the approved HECM counselor. Borrowers were not able to participate in both loan origination activities and counseling over the phone.
To read a copy of the Mortgagee Letter check out the link below.
Technorati tags: Reverse Mortgage, HECM, HECM Counseling, Senior Finance
