Reverse Mortgages Home What are Reverse Mortgages? Who is eligible for them? Types of Reverse Mortgages Why choose Reverse Mortgages Paying back Reverse Mortgages Questions to ask lenders Their disadvantages Reverse Mortgage requirements Origination and MIP Fees Dealing with closing costs The process of getting one What is the HECM? Appraisal Fees Servicing Set-Aside reverse mortgage requirements   Although there are few eligibility requirements for receiving a reverse mortgage, there is one that is particularly important. Counseling is mandatory before you are even allowed to apply for a reverse mortgage. There are both pros and cons to this system.   Cons If you are needing the money immediately for medical costs or you’re trying to prevent foreclosure, it may be very frustrating to have to set up a meeting, visit with a counselor, and then finally be able to begin the process.   Pros However, we believe that you should take the utmost advantage of this mandatory counseling session. You will have the opportunity to meet with a trained professional who can give you all the needed information and guide you in the right direction for your needs.   The counselor’s job is to educate you about reverse mortgages, to tell you about other possible alternatives for your exact situation, and to help you decide which reverse mortgage product best fits your needs. Although the counselor will give you all this information, we suggest that you spend some time doing your own research before you meet with the counselor. Write down a list of pertinent questions that you would like answered, and talk to the counselor about each of them.   Making the most of having a required loan session is a good idea. Since you have to do it anyway, you might as well be prepared to ask all your questions at one time so you can go home and make a final decision based on your research and, most importantly, what you have learned from a professional counselor who knows the ins and outs of the system.