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Housing Counseling FAQ
Q

Is a HECM counselor obligated to review a client’s unique financial situation during a HECM counseling session?

Date Published: September 2015

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A

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.


Tags: Housing Counseling Program HECM Counseling Requirements

FAQ ID:

2565