AARP Facilitates Reverse Mortgage Counseling

5/04/2007

posted by N. Sioris

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Although AARP (The American Association of Retired Persons) does not endorse any particular Reverse Mortgage lender or product, they have been instrumental in educating seniors about Reverse Mortgages.

The AARP, in conjunction with HUD (Housing and Urban Development), implemented The Reverse Mortgage Education Project. The project administers a national HECM (Home Equity Conversion Mortgage) Counselor exam. The exam is required for counselors who work for HUD-approved HECM housing counseling agencies. Counselors who pass the exam are then eligible to participate in HUD's National HECM Counseling Network. These network counselors are the only HECM counselors approved by HUD to offer HECM counseling by telephone on a nationwide basis. As part of the counseling session, the counselors use loan analysis and loan comparison software that have met AARP's Specifications.

HUD counseling is mandatory for all seniors that are interested in applying for a reverse mortgage. Because not all seniors are capable of driving themselves to a counseling office, the convenience of telephone counseling is a huge advantage for some applicants. The AARP, in it's constant efforts to protect and educate retirees, has had great input and oversight for the training and certification of the HECM Counselors. AARP Network approved counselors can be located by calling 1-800-209-8085.