What will reverse mortgage housing counseling cost?
Housing counselors are permitted to charge for reverse mortgage counseling, but the agency must tell you about the fee before charging it, and the fee has to be reasonable. Fees are typically about $125. Counseling agencies are also required to waive the counseling fee if your income is less than twice the poverty level.
If you paid someone up-front for counseling and they never provided counseling to you, or if someone is offering you counseling only if you purchase an insurance or financial product along with your reverse mortgage, report the agency and counselor by filing a complaint with the CFPB, or calling 1-855-411-CFPB (2372).
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