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Reverse Mortgage Counseling Center
1.877.ASK.CCCS
NRMLA Sits in on Reverse Mortgage Counseling Session
Recently NRMLA sat in on one of our phone RM Counseling Sessions. The experience was beneficial for both our counseling staff and the NRMLA staff. The subsequent transcript of the session will be available through NRMLA in an effort to provide insight to both Lenders and Policy Makers. We applaud NRMLA for their efforts at transparency and working to strengthen consumer protection.
Click here to see the session transcript.
Updating Your Product Comparison
When we are able to have specific product information during the counsel, the prospective borrowers see an even greater benefit in the counseling session. We work with lenders to ensure our counselors have up to date product information. We actively seek comparison updates from lenders to ensure this information is accurate. Please submit your product information to Allison at allisons@cccsmt.org.
Easy Scheduling for All
While we strive to maintain consistency in sessions, we also work on the front end to ensure excellent service when consumers schedule their appointments. When we schedule with consumers, here is what we ask consumers, in addition to name, address and phone, when we schedule them for a counsel.
• People on title and date of birth for each
• Type of home
• Value of home
• Any lien’s
• What lender are you working with and would you like us to fax them your certificate upon completion?
For refinancing, we also ask
• What was the value of your home then and date of origination?
• What is the outstanding principle? Lending limit?
• Who is your lender?
Couple of Additional Notes to Keep in Mind
We need to have the power of attorney documentation faxed in first before we can proceed. Also we do charge a $125 fee for service. We are a non-profit agency and this is important for us to be able to continue to provide excellent service. We inform consumers that they may choose to pay for this fee upon close of their loan if they so desire.
All inquiries into status of a counsel (if it is complete or not) need to be directed via email to Allison Smith, allisons@cccsmt.org. She will respond as quickly as possible to your request.
About CCCS
Working across the nation, we provide quality, timely, comprehensive reverse mortgage counseling service to consumers. We are a non-profit credit counseling agency that specializes in Reverse Mortgage Counseling. Our 12 counselors have over 25 years combined experience in reverse mortgage counseling.
- Same day appointments available and guaranteed under 48 hour scheduling.
- Informative and standardized
- Quality information
Counseling is one of the most important consumer protections built into the program. It requires an independent third-party to make sure you understand the program, and review alternative options, before you apply for a reverse mortgage. Counseling is required for all reverse mortgages and may be conducted face-to-face or by telephone.
By law, a counselor must review (i) options, other than a reverse mortgage, that are available to the prospective borrower, including housing, social services, health and financial alternatives; (ii) other home equity conversion options that are or may become available to the prospective borrower, such as property tax deferral programs; (iii) the financial implications of entering into a reverse mortgage; and, (iv) the tax consequences affecting the prospective borrower’s eligibility under state or federal programs and the impact on the estate or his or her heirs.
What is a reverse mortgage?
A reverse mortgage is a special type of home loan that lets a homeowner convert a portion of the equity in his or her home into cash. The equity built up over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence.Click here for more frequently asked questions.