Reverse Mortgage Counseling Required: Before applying for a reverse mortgage, you must first meet with a reverse mortgage counselor. You may, however, first approach a reverse mortgage lender, who can provide you with the program information and the names of approved counseling agencies in your area. A list of approved counseling agencies nationwide is posted on the Web by the U.S. Department of Housing and Urban Development.

The counselor's job is to educate you about reverse mortgages, to inform you of other alternative options available to you given your situation, and to assist you in determining which particular reverse mortgage product best fits your needs.

In general, counseling sessions are done face-to-face, although telephone counseling is becoming more prevalent.

You may elect to use telephone counseling if you are unable to travel or the counseling center is too far away from your residence.