CSN's staff attorney is also a HUD Certified Reverse Mortgage Counselor and has more than ten years of counseling experience.
CSN is also approved by the Commonwealth of Massachusetts' Executive Office of Elder Affairs to provide Reverse Mortgage counseling.
The role of the counselor is to make sure that you understand what a reverse mortgage is so that you can make the best decision for you. The counselor cannot make a decision for you, but will rather work to make sure that you have the tools necessary to make the decision for yourself.
The counseling process explains the key features of the Home Equity Conversion Mortgage (HECM) also known as a reverse mortgage in general by covering the costs, benefits and financial implications of these loans. It also provides information on alternatives to a HECM that maybe more beneficial to you.
We provide you with independent and neutral information. Neither CSN nor the counselor has any stake whatsoever in whether or not you choose to go forward with a reverse mortgage; nor will CSN or the counselor endorse or recommend any specific type of reverse mortgage loan or lender.
CSN does not maintain a list of lenders, we refer everyone to the list maintained by the United States Department of Housing and Urban Development (HUD): http://www.hud.gov/ll/code/llslcrit.cfm and/or the list maintained by the Massachusetts Division of Banks, which shows all lenders currently licensed in Massachusetts: http://www.mass.gov/ocabr/banking-and-finance/loans-and-mortgages/education/reverse-mortgage-loans/approved-reverse-mortgage-lenders-and-loan.html.
In addition to CSN, there are several other counseling agencies in the Commonwealth. The Executive Office of Elder Affairs maintains a list of all HUD Approved HECM/Reverse Mortgage Counselors in Massachusetts at: http://www.mass.gov/elders/housing/reverse-mortgage-counselors.html.
For further information about reverse mortgages and to see the information that CSN sends out to HECM counseling clients:
CSN recommends that consumers interested in reverse mortgages read the National Counsel on Aging’s Using your Home to Stay at Home booklet, which can be found at https://www.ncoa.org/resources/use-your-home-to-stay-at-home/.
In addition, CSN’s package of information that is sent to those seeking clients contains a list of information things a person should bring to counseling with them: “What to Bring with you pdf” is below attached below at the bottom of the page.
A list of Reverse Mortgage Danger Signals: “Danger Signals" PDF attached and/or link below attached below at the bottom of the page.
The National Reverse Mortgage Lender’s Association’s list of unethical advertising practices: https://www.nrmlaonline.org/2015/06/04/nrmla-dirty-dozen-unethical-advertising-practices.
The Consumer Financial Protection Bureau’s Considering a Reverse Mortgage and Two Things You Should Know about Reverse Mortgages: https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&ved=0ahUKEwj1ko-Cje3RAhXiqVQKHXfJBVQQFgg-MAA&url=http%3A%2F%2Ffiles.consumerfinance.gov%2Ff%2F201409_cfpb_guide_reverse_mortgage.pdf&usg=AFQjCNHlRIEQnERNYfZpXtHZTq1ilxR12A&sig2=o6T01MaHbbgr0ncVWniyxQ
You should know the six ways that a HECM terminates: “6 way pdf” is below attached below at the bottom of the page.
You should be prepared with a
budget. You can use either our Excel spread sheet or our Budget
sheet pdf both are attached below at the bottom of the page.
You should answer the questions in the Financial Interview Tool (FIT pdf) and the Benefits CheckUp (checkup pdf). both tools are attached below at the bottom of the page.
And the final two forms that we send to our clients are our Information for the Counseling Agency (info pdf) and our demographics form (demo pdf) both are attached below at the bottom of the page.