Counseling Appointments for HECM Loans Become Scarce…As September 28 Deadline Approaches HECM Loan counseling is a crucial component of obtaining a reverse mortgage. It ensures that applicants completely understand the in’s and out’s of the program and are fully aware of what is expected of them should they get a reverse mortgage. Counseling is done by an uninterested, third-party company, with no stake in the transaction, to make sure that the clients being counseled are not swayed one way or another. HECM loan counseling is a preventative measure against any possible unethical practices among brokers, lenders, banks, etc. This is why a third, uninterested party is so important when it comes to counseling…a counselor can talk to clients in-depth about the program, answer any questions they might have, reveal any half-truths, whatever the case may be.

Without counseling, a reverse mortgage transaction cannot go forward.

In light of the upcoming reverse mortgage changes, counseling appointments have been filling up quickly. In fact, some companies don’t have anymore available appointments until after the changes are implemented on September 30, thus ensuring that many borrower who didn’t take the initiative when the first changes were announced will be left out. Borrowers aren’t the only group feeling the pressure though, despite HUD’s insistence that the upcoming changes “don’t warrant emergency counseling.” Maybe not “emergency” counseling, but definitely immediate counseling. The changes will change the reverse mortgage program (as we know it), so it’s naive to say that these changes don’t warrant prompt action. They most certainly do. In truth, counselors are feeling the pressure too as the September 28 deadline for counseling fast approaches. They, not only have to ensure that borrowers are well educated, but they also have to do so as quickly as possible to make sure no one that has an official appointment falls through the cracks. In addition to counseling borrowers on the old rules, counselors also have to take the time to educate themselves on the new changes for the appointments that come in after the deadline. In reality, the upcoming changes are making waves across the whole reverse mortgage industry, mostly because they’re coming so soon, and they’re more extensive than anything that has come before it. Not to mention, the changes that may be coming to the program on January 13 of next year, which include a financial assessment of the borrower(s). No one ever said it was going to be easy, but, hopefully, these changes continue to improve the program for the better, ensuring that all future applicants are well educated, protected and better prepared to handle their responsibilities.  Interested in a reverse mortgage? Give PS Financial Services a call at (888) 845-6630 or sending us an email at We do not pressure those who inquire. We are simply here to help. Changes are coming to the program that will affect the amount of money you qualify for in the future.There is no time to wait!