Should I Use An Estate Planning Service To Get A Reverse Mortgage?

Eugene S. Melchionne in his article entitled:  “Is A Reverse Mortgage Right For You?” provides a excellent summary of the pros and cons of the reverse mortgage and is necessary reading if you are considering a reverse mortgage.

So what if you have weighed the pros and cons and have decided to get a reverse mortgage!  Should you use the services of an “Estate Planner?”

The answer is no!

While there are legitimate estate planners out there who assist people in planning for their retirement, anyone telling you that you need there services to get a reverse mortgage is scamming you.

Why do I say this?

Because reverse mortgage counseling services are available either for free, or at worst, a nominal charge.

The U. S. Department of Housing and Urban Development (HUD), has issued a directive advising lenders that issue mortgages insured by the Federal Housing Administration (FHA) to stop doing business with estate planning services and other companies that charge fees, sometimes thousands of dollars in fees, to provide information on reverse mortgages.

A list of no cost and low cost HUD-approved housing counselors in your area is available for free by calling HUD at 1-800-569-4287 or by going to HUD’s website.