HECM Reverse Mortgage Counselors in Colorado




APPLYING FOR A REVERSE MORTGAGE?

If you are planning on applying for a reverse mortgage, HUD counseling is mandatory prior to ordering any 3rd party services such as an appraisal or credit report. There are currently 11 HUD approved reverse mortgage counselors in Colorado. You can choose from any of the available local counselors or even schedule a phone appointment with a national counselor out-of-state. There are no restrictions on which counselor someone needs to work with based on location. Counseling is usually free but some counseling centers may charge a $125 fee.

How To Schedule Counseling

  • The borrower should contact the counselor to schedule an appointment. Calling the counseling center is usually the best way to reach an available counselor. The lender is not allowed to schedule the counseling for the homeowner. You may need tocounselor_gif leave a  voicemail and wait for a counselor to you call back. If you do not hear back from a counselor within a reasonable time, you may reach out to another location.
  • When scheduling an appointment, homeowners should clarify if they need to bring any documents with them to the counseling session.

Meeting the Counselor

  • Most counselors prefer to meet with reverse mortgage applicants at the counseling center but flexibility is allowed on a case by case basis. If you are unable to leave your home and the counseling center is within a reasonable distance from you, the counselor may be able to meet with you at your residence. Many counselors such as Greenpath will allow counseling over the phone. Phone counseling is popular because it can be more convenient but a face to face meeting will usually benefit the borrower more.
  • The counseling usually takes approximately 1 to 1.5 hours. If meeting with the counselor in-person, homeowner should receive a certificate of completion right away. If counseling is done over the phone, the certificate will usually be sent in the mail.
  • Family and friends and always welcome to accompany the borrower to the counseling session. Reverse mortgage lenders are not allowed. **NOTE** Non-borrowing spouse must attend counseling.





We have included contact information for each individual counseling center. If you have any further questions, please feel free to reach out to us or you can also visit the HUD portal as well for useful information regarding counseling.

**We encourage all homeowners to get prequalified prior to scheduling an appointment with a reverse mortgage counselor. This includes establishing an estimated value of the subject property to make sure that the loan fits into the HECM guidelines**

Comments are closed.