Since a reverse mortgage is a loan for seniors, the government (FHA) and most responsible lenders will agree that we should take greater efforts to ensure that our elders are properly informed. Education about a loan product that might seem a little foreign or “different” than a typical mortgage is a good thing.
So, FHA decided, rightfully so – that counseling would be required and that it should be performed by an FHA approved housing counselor. This would ensure that the information given was delivered in an unbiased manner.