What happens if I cannot schedule a counseling appointment or get a counseling certificate before the effective date of the policy changes that HUD made to the HECM program on August 29, 2017?
Date Published: September 2017
Home Equity Conversion Mortgage (HECM) counselors receive specific training and must demonstrate understanding of the HECM program in order to provide the specialized counseling required before a borrower obtains a HECM. As a result, HECM counselors may not be equipped to handle unusual spikes in demand for HECM counseling. HUD is working with its approved HECM counselors to ensure the greatest availability of counseling resources in advance of this policy change, but cannot guarantee that all borrowers will be able to complete counseling prior to the effective date of these policy changes. Borrowers unable to complete counseling who receive a case number through their lender prior to October 2, 2017 will still be able to participate in the HECM program, but will have their HECMs originated in accordance with these new policies.