Cost of HECM Counseling - Reverse Mortgage Portland

How much money does reverse mortgage housing counseling cost in Portland Oregon?

Housing counselors are permitted to charge for reverse mortgage counseling, but the agency must inform you about the fee before charging you it, and the fee has to be affordable. Costs are normally about $125. Counseling agencies are also required to waive the counseling fee when your income is under two times the poverty level.

Tip:

Make sure your reverse mortgage counselor is approved by the U.S. Department of Urban Development (HUD). You can find HUD-approved housing counselor by going to HUD’s counselor research web page or phoning HUD’s housing counselor referral line (1-800-569-4287).
Tip:

If you’re behind on your property taxes and insurance premiums and you are therefore facing foreclosure, you could get free of charge reverse mortgage foreclosure avoidance counseling. To find a specialist counselor, call one of the five national counseling agencies and ask for HECM foreclosure prevention counseling:

CredAbility: 1-888-395-2664
Money Management International: 1-866-765-3328
National Council on the Aging: 1-800-510-0301
National Foundation for Credit Counseling: 1-866-363-2227
NeighborWorks America: 1-888-990-4326

For those who paid someone up-front for counseling and they never supplied counseling to you, or if someone is providing you counseling on condition that you get an insurance or financial product using your reverse mortgage, report the company and counselor by filing a complaint with the CFPB, or calling 1-855-411-CFPB (2372).

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