Reverse mortgage counseling is mandatory because it is done by an unbiased HUD certified counselor. This must be done before the completion of the application. Counselors can be talked to face to face at your local Arkansas agency or over the phone with a national counseling agency.

When counseling is completed the counselor will send a signed HECM Counseling Certificate will be sent to the homeowner to turn into the lender. The cost of counseling is around $125 and must be paid by the homeowner. However, some lenders may be able to reimburse the homeowner at closing. Also, the can request a “hardship” approval from the counseling agency to pay a reduced fee.