Reverse Mortgage 101
Last update:
04/20/2026
Completed
2. Who Qualifies?
217 Views •1. What Is a Reverse Mortgage?
10 Views •8. Common Myths Busted
10 Views •4. Payout Options
10 Views •3. HUD-Approved Counseling
8 Views •7. Property, Taxes & Insurance
9 Views •5. Costs & Fees
9 Views •10. Next Steps
8 Views •6. Protecting Your Heirs
8 Views •9. Red Flags
8 Views •3. HUD-Approved Counseling
HUD-Approved Counseling: The Mandatory Step
HUD-approved counseling is required before applying. This is not optional — it is federal law.
Why Counseling Is Required
- Protects you from misunderstanding the product
- Ensures you understand repayment obligations
- Covers all costs, risks, and alternatives
What Is Covered
- How reverse mortgages work
- All available payout options
- Fees and closing costs
- Alternatives to consider
- How to spot predatory schemes
How to Find a Counselor
Use the HUD Counselor Search Tool or call 1-800-569-4287. Counseling is typically free or low-cost.
Compliance Notice: Borrowers must be 62 years of age or older. HUD-approved counseling is required. A reverse mortgage is not a government benefit. The loan becomes due and payable when the last surviving borrower no longer occupies the home as their primary residence or fails to meet the obligations of the mortgage.