Inside Look: The HECM Counseling Process From a Consumers Perspective

NewImage.jpgGetting an inside look into the reverse mortgage process from Ronni Bennett at Time Goes By has provided an honest opinion about what consumers are seeing in the marketplace today.

Everyone has an opinion on the importance of HECM counseling and the latest from Bennett describes it as “invaluable”.

“My only complaint is that it should be done BEFORE you look for a lender,” she says.  “I did a lot of research and study, then used the HUD website to retrieve a list of local HUD-approved lenders, but my work would have been much more efficient if I’d had the counseling first – including some direction in how to choose a lender which the counseling includes.”

Her counseling experience reads as a glowing testimonial for the National Council on Aging.  According to Bennett, the counselor was “a smart, impartial coach to obtaining a reverse mortgage.” Adding:

I could not be more pleased with the counseling I received from Buz. Even with the research I had done before our session, I learned a lot that I hadn’t known. He gave me alternative ways to think about some of the details and choices I was considering and I came away from our conversation feeling thoroughly grounded – so much so that I wish I had a Buz Zeman for other aspects of my life.

For those who think improvements that HUD is making to the counseling process are bad for the industry, read the article.  For everyone else, it’s a great of example of how counseling plays an important role in the reverse mortgage process.

Reverse Mortgages – Part 5: The Mandatory Counseling Session

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