Board Room REVERSE MORTGAGE COUNSELING is a requirement for applicants, but let’s face it, our role in the process is often badly misunderstood. Some applicants think we’re part of some grand conspiracy to take their home while others think we work for their lender. That, at least, seems like it could be true since the lender gave them a list of counseling agencies to contact. We recognize this situation, and we understand we’ll need to work fast to build a productive foundation for our counseling. First, we need to dispel any fears or doubts about our role in the process. Next, we must demonstrate impartiality to help gain trust and open the lines of communication. The information we’re going to discuss must be accepted without reservation because it’s critically important to the homeowner’s happiness with their decisions. Our responsibility is to inform and protect potential borrowers by making sure they understand how a reverse mortgage works. And it’s not just the borrowers who have to complete counseling. Any eligible or ineligible nonborrowing spouse or any nonborrowing owners must also complete the counseling requirement. Among the many issues we must discuss are rising debt, falling equity, borrower obligations, nonrecourse limitations and the eventual repayment of the loan—all topics that make a HECM much more complex than the loan used to purchase the home in the first place. If we only had to relay a list of facts, our job would be relatively easy. But good housing counselors are actually educators. They are empathetic and compassionate and have a need or desire to help others. Speak Jennifer Cosentini Counseling Process Supports Borrowers and Reverse Mortgage Industry By Jennifer Cosentini 6 REVERSE MORTGAGE / MAY–JUNE 2023
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