Is a HECM counselor obligated to review a client’s unique financial situation during a HECM counseling session?
Date Published: September 2015
Yes. Home Equity Conversion Mortgage (HECM) counselors may not simply present information about reverse mortgages to a client. They must also conduct a budget analysis to determine the unique financial situation of the client and tailor the options presented in the counseling session to that situation.