HUD and FHA require that each borrower go through a third party Reverse Mortgage Counseling. We encourage this, and provide you with a list of local and national counselors to choose from.
The Reverse Mortgage is a “NON-RECOURSE LOAN”, which means you can never owe more than the value, and the lender can never come after your heirs or estate for any loses. This is covered under FHA’s Mortgage Insurance Premium, or MIP.