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Reverse mortgage guide
Before you apply for a HECM, you must complete counseling with a HUD-approved counselor who doesn't work for any lender. The session covers how the loan works, what it costs, your ongoing obligations, and other options you may have, and it usually takes about an hour or more by phone, video, or in person. Every borrower attends, and so does a spouse who won't be on the loan. Afterward you get a counseling certificate, which is generally good for 180 days. In California, there's also a 7-day wait after counseling before a full application can be taken.
We all know the old saying about buying a car: the salesperson is not your friend. Reverse mortgage counseling exists so you don't have to wonder.
Before you can apply for a HECM, HUD requires you to sit down, by phone, video, or in person, with a counselor who doesn't work for me, for any lender, or for anyone else who makes money on your loan. Their only job is to make sure you understand what you're getting into and what else you could do instead.
I'm a fan. The best clients I work with come out of counseling with good questions, and nobody comes out of it surprised.
A reverse mortgage is different from any loan you've had before. The balance goes up instead of down. You don't make required monthly mortgage payments, but you must continue to pay property taxes and homeowners insurance, maintain the home, and meet the other loan terms. The loan comes due later, often after you're gone, which means your family is part of the picture.
That's a lot to understand, and HUD decided long ago that nobody should take out a HECM without hearing it from a neutral party first. The rule is part of HUD's regulations for the program.
Family members are welcome, and I encourage it. If your kids or your financial advisor will have opinions later, it helps for them to hear the same thing you hear.
HUD's counseling protocol spells out what the counselor has to go over. Expect to talk about:
Bring your estimate if you have one. A good counselor will walk through your actual numbers with you.
During the session, the counselor asks you ten questions to check that you understood the loan. Things like who owns the home, whether you'll have a monthly payment, and when the loan has to be paid back.
Here's the part a lot of people have backwards: you need to get at least five right to receive your certificate in that session. If you can't, the counselor offers more help, another session, or more time.
I've written a whole article on the questions and how to answer them: 10 Questions To Know For Reverse Mortgage Counseling.
A session usually runs about 60 to 90 minutes. It can take longer if you have a lot of questions, and that's fine. Better to ask in counseling than after closing.
Many counseling agencies charge a fee. HUD rules say the fee can't be more than the actual cost of the counseling, and you can't be denied your certificate because you can't pay. In many cases the fee is paid at closing out of the loan. Some agencies waive it for people with limited income.
Ask about the fee when you call to schedule. No surprises.
HUD keeps a list of approved counseling agencies. You can search HUD's housing counselor list online, or call HUD at 800-569-4287.
When you work with us, I'll also give you a list of approved agencies to choose from. You pick the agency and you make the call. I don't get to choose your counselor, and that's the point.
Most sessions today happen by phone or video. In-person sessions are available in some areas. Choose whatever lets you focus and ask questions comfortably. If hearing on the phone is hard, ask for video or in person.
Bring:
And read up first. How a Reverse Mortgage Works and Reverse Mortgage Pros and Cons cover most of what you'll discuss.
When you finish, the agency sends you a counseling certificate, form HUD-92902. Every borrower and non-borrowing spouse signs it. Your loan can't move forward without it.
The certificate is generally good for 180 days. If your FHA case number is assigned within that window, the certificate stays good for that case. For the details, see When does a counseling certificate expire?
If your home is in California, state law adds a few steps on top of HUD's:
That's one more reason I like doing counseling early, before you're under contract on a purchase or up against a deadline.
Many proprietary programs also require independent counseling, and some states, like California, require it by law. It's a good idea for the counseling to cover the specific program you're considering, since some lenders require that. If you're comparing a HECM and a jumbo, tell your counselor so they can cover both. See Proprietary (Jumbo) Reverse Mortgages.
If you're refinancing an existing HECM into a new one, FHA lets counseling be waived only when every condition is met: your application is within five years of your original HECM's closing date (not your latest refinance), you've received HUD's anti-churning disclosure, the refinance passes the five times test, the spouse rules line up, and nobody new is being added to the loan. Even then, counseling can't be waived in 13 states: California, Connecticut, Delaware, Indiana, Massachusetts, Minnesota, New York, North Carolina, Pennsylvania, Rhode Island, Tennessee, Texas, and Vermont. If you're in California or Texas, plan on counseling. See Is counseling required for HECM to HECM refinances? and Reverse Mortgage Refinance.
Counselors are trained to warn you about the things I worry about too:
If something feels off, tell the counselor. That's what they're there for.
Yes, before you apply, for almost every HECM. The only exception is some HECM-to-HECM refinances, where counseling can sometimes be waived, but never in California, Texas, and 11 other states. Many proprietary programs require it too, and some states require it by law.
No. The counselor must work for an independent, HUD-approved agency with no ties to anyone originating, servicing, or funding your loan.
Yes. HUD requires non-borrowing spouses to receive counseling.
Yes. Most sessions are by phone or video.
It varies by agency. The fee has to be reasonable for the service, it's often paid at closing, and you can't be turned away because you can't pay.
The counselor offers more help or another session. Five correct answers out of ten is enough. See 10 Questions To Know For Reverse Mortgage Counseling.
Generally 180 days.
No. Counseling is information, not a commitment. You can walk away at any point before closing.
If you're thinking about a reverse mortgage, I'm happy to go over your numbers before counseling, so you walk in prepared. Get your estimate, start your reverse mortgage review, or call us at 530-888-6000.
ZYNG Mortgage, Inc., NMLS #76801. A reverse mortgage has no required monthly mortgage payments and uses your home's equity. Fees, mortgage insurance and other costs can be added to the loan balance, and the balance grows over time as interest is added, so your equity typically decreases. When the loan becomes due, the home may need to be sold, or the loan repaid from other funds. Interest is not tax-deductible until it is paid, in part or in full. You keep title to your home and must keep paying property taxes, homeowners insurance and upkeep, and meet the other loan terms; not doing so can make the loan due and could lead to foreclosure.
This material is not from HUD or FHA and was not approved by HUD or a government agency.
HECM count at the top of this page: HUD data through September 2026 (source, opens in a new tab).
