HUD certifies counselors nationwide to be available for seniors to provide them with an unbiased education about the ins and outs of a reverse mortgage. Counseling can be done at the convenience of the applicant, either over the phone with a national agency or face to face with a local agency in Iowa. Counseling is significant because the HECM Counseling Certificate is mandatory for the application to succeed.

Lenders may not pay the counseling fee for the applicant but they can reimburse them at closing. Counseling on average will cost around $125.