If you have a question on Reverse loans for Texas Seniors or Reverse Mortgages in Texas, visit our website www.ReverseLoanGuide.com for help.  Or call Bob Heckler at (512) 328-2225.

Required Third Party Counseling (Part 1 of 5)

Part of the process of getting a reverse mortgage is the required third party counseling. 

We visited http://www.hecmresources.org/requests.cfm for the following explanation:

Requesting HECM Counseling by Calling a HUD National HECM Network Counselor

Homeowners aged 62 and over can request counseling for Home Equity Conversion Mortgages (HECMs) by calling a member of the national HECM counseling network approved by the U. S. Department of Housing and Urban Development.

You can find HUD National HECM Network Counselors at  http://www.hecmresources.org/states/reque_state_index.cfm or at http://www.hud.gov/offices/hsg/sfh/hecm/hecmlist.cfm or call: (800) 569-4287

But before calling any counselor, please read this important information:

1. Who Should Request Counseling A homeowner who wants counseling should call to set up a counseling appointment. Alternately, a homeowner’s authorized legal representative can request counseling. This person must be the owner’s guardian, conservator, or must hold a durable power of attorney to act on the owner’s behalf in this matter. No one else should call to request counseling “on behalf” of a homeowner. In particular, HUD Mortgagee Letter 2004-25 says that “the lender may not contact a counselor or counseling agency to refer a client.” 

2. HUD National HECM Network Counselors are the only HECM counselors who have achieved the qualifying score on the HECM counselor exam and been approved by HUD to provide telephone counseling nationwide. They are employed by local housing counseling agencies that may also employ other counselors who have not met those standards.

 (To Be Continued…)

Need help understanding what a Reverse loan is for Texas Seniors?  Go to www.ReverseLoanGuide.com for help.  If you need immediate help call Bob Heckler at (512) 328-2225.

Expertise in any career doesn’t happen overnight. Bob Heckler, Vice President and Branch Manager for Cornerstone Mortgage Company, has invested a lifetime accumulating know-how and experience. His 30-year career in residential Real Estate includes building, appraising, selling and financing homes.  In addition, Bob currently oversees Cornerstone’s reverse loan division.