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).

Was this page helpful to you?

Note: Do not include sensitive information like your name, contact information, account number, or social security number in this field.

Legal disclaimer

The content on this page provides general consumer information. It is not legal advice or regulatory guidance. The CFPB updates this information periodically. This information may include links or references to third-party resources or content. We do not endorse the third-party or guarantee the accuracy of this third-party information. There may be other resources that also serve your needs.

Read full answer Hide full answer