Before a reverse mortgage can be issued, the homeowner(s) must receive counseling sessions with a local counseling agency approved by the Department of Housing and Urban Development (HUD) or a national counseling agency such as AARP, the National Foundation for Credit Counseling, or Money Management International. These sessions are required to ensure that consumers are aware of the various financial options, in addition to reverse mortgages, that they might have. The sessions also ensure that homeowners understand all facets of the transaction and provide answers to other questions seniors considering a reverse mortgage might have. For additional information, read "Is a Reverse Mortgage Right for You?" at: Is a Reverse Mortgage Right for You? This publication is a basic introduction to reverse mortgages. It covers how much money can be accessed, qualifications, counseling sessions, providers, costs, advantages, disadvantages, and additional sources of information. We would like your feedback on this Personal Finance Frequently Asked Question.

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