HECM Counseling Costs

How much money does reverse mortgage housing counseling cost in McMinnville?

Housing counselors are able to charge for reverse mortgage counseling, however the agency must inform you about the charge before charging you it, and the fee has to be realistic. Charges are normally around $125. Counseling agencies are also instructed to waive the counseling fee when your income is less than two times the poverty level.

Tip:

Be sure that your reverse mortgage counselor meets the approval of the U.S. Department of Urban Development (HUD). You can find HUD-approved housing counselor in McMinnville Oregon by visiting HUD’s counselor research page or phoning HUD’s housing counselor referral line (1-800-569-4287).
Tip:

If you are delinquent on your McMinnville Oregon taxes and insurance premiums and you are facing foreclosure, you can receive free reverse mortgage foreclosure prevention counseling. To find a specialist counselor, call one of the five national counseling agencies inquire about HECM foreclosure prevention counseling:

CredAbility: 1-888-395-2664
Money Management International: 1-866-765-3328
National Council on the Aging: 1-800-510-0301
National Foundation for Credit Counseling: 1-866-363-2227
NeighborWorks America: 1-888-990-4326

For those who paid someone up-front for counseling and they never provided counseling to you, or if someone is offering you counseling provided that you get an insurance or financial product or service jointly with your reverse mortgage, report the agency and counselor by filing a complaint with the CFPB, or calling 1-855-411-CFPB (2372).

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