Once you are in the process of getting a reverse mortgage, the procedure requires you to have a session with a reverse mortgage counselor, in order to see what are the terms and conditions that might influence your life upon approval of the respective loan.
In fact, all the current reverse mortgage products require such a meeting with a reverse mortgage counselor as a means of safeguarding.
The reverse mortgage counselor is actually the one who will help you see the differences between the loans you have previously had and the one you are applying for, explaining you the advantages and disadvantages of both. Furthermore, a reverse mortgage counselor will make sure you understand the complete process of getting such a loan and his/her actions are only in your own advantage and designed for your protection.
You can have this obligatory educational session with a reverse mortgage counselor over the phone or at their location, depending on your preference, and a normal counseling session will last anywhere from 25 minutes to 2 hours depending on the questions you might have. Be sure though to ask all the questions during that session, as further meetings with the reverse mortgage counselor will no longer be free of charge as the first one is. Also, make sure you have in handy all the necessary documentation that the reverse mortgage counselor requires, in order to reduce time and speed up the whole session.
In order to get into contact with a reverse mortgage counselor you can either search on your own or ask the mortgage lender for recommendation. The later variant is the easiest and sometimes even more trustworthy, as you will be assisted in setting up the meeting and you will not have to worry about the paperwork involved.