Reverse Mortgage Housing Counseling (HECM)

Considering a Reverse Mortgage? We're Here to Help You Understand Your Options

At American Financial Solutions, our HUD-certified housing counselors are here to guide you through the reverse mortgage process. If you're considering a Home Equity Conversion Mortgage (HECM), we’ll help you understand the benefits and risks of the mortgage, payment options, responsibilities of the homeowner, potential costs, and tax implications. After completing your counseling session, you’ll receive the certificate required by lenders as part of the loan application. Contact us today to get started. Counseling is available in English and in Spanish.

A reverse mortgage—also known as a Home Equity Conversion Mortgage (HECM)—allows homeowners aged 62 and older to borrow against their home’s equity. 

To be eligible for a reverse mortgage (HECM), the home must be your primary residence, meaning you live there more than half the year. Vacation homes or secondary residences do not qualify for a reverse mortgage. You don’t need to own your home free and clear, but the reverse mortgage must provide enough funds to fully pay off any existing mortgage balance.

Borrowers must be able to stay current on property taxes, homeowners insurance, and necessary home maintenance. If the home currently needs major repairs, those will need to be completed prior to the reverse mortgage closing. However, minor repairs can be completed using the funds. 

What to Expect from HECM Counseling
Before moving forward, HUD requires all borrowers to complete a counseling session with an approved agency like ours. Our goal is to help you make an informed decision with confidence and clarity.

Your HECM counseling session is an educational session and will cover:

• How reverse mortgages work. 
• A review of eligibility and how much you may be able to borrow.
• Discussion of the costs, risks, and benefits of a Home Equity Conversion Mortgage.
• Alternatives to a reverse mortgage.
• How the loan is repaid.
• Your rights and responsibilities as a borrower. 
• Questions you may have.

Our counselors are HUD-certified and impartial. We do not sell mortgage products or benefit from your decision.

Who Should Attend
Counseling is required for all borrowers listed on the property title and may include a family member or trusted advisor if you choose. Non-borrowing spouses must also attend. You may also choose to have heirs or trust beneficiaries in attendance. 

How to Schedule Your Session

• Call 888-864-8699 or email housing@myfinancialgoals.org
• The counseling fee is $200. Please see our HECM fee policy here.
• Session format options: phone or video.
• Download the initial HECM Packet here.

Required docments include:

• Government issued ID such as a driver's license, state ID, or Passport.
• Social Security Number – you do not need to provide the document, but you will need this information to receive a certificate. 

Suggested information to have available: 

• Income information
• Asset Information
• Monthly, semi-monthly, and annual expenses
• Property information

After the Counseling
After the session, you’ll receive a certificate of completion, which you can provide to your lender. This does not obligate you to move forward with a reverse mortgage, it simply confirms you’ve completed the education.

Why Choose Us

• Decades of experience providing unbiased housing counseling.
• Support that goes beyond HECM: budgeting, credit, and foreclosure prevention services.
• Compassionate, personalized guidance from HUD-certified counselors.