Reverse mortgage counseling is a mandatory part of the reverse mortgage application and is usually done before completing the application. HUD certifies counselors nationwide to give homeowners unprejudiced education about reverse mortgages. Counseling can be done over the phone with a national counseling agency or face to face with a Florida regional agency.

When counseling is completed the counselor will mail a signed copy of the HECM Counseling Certificate to the homeowner who presents it to the lender for their application.

Counseling costs are about $125. Lenders are not allowed to pay this fee for homeowners but it can be reimbursed at closing. Homeowners can also to request a “hardship” approval to pay a reduced fee by getting in touch with the counseling agency.