How-to
What to bring to reverse mortgage counseling (a checklist)
Tom Jarboe, NMLS #210600
The short answer
Bring your numbers, your papers and your questions, and bring anyone who is on title or married to you. Plan on an hour or more. Talk with me first if you like, but before you can apply for a HECM you must meet with an independent HUD-approved counselor, and in California there's a 7-day wait after counseling before a final application or any fees.
Who has to come
- You, and any other borrower.
- Your spouse, even if they won't be on the loan.
- Any other owner on title who won't be a borrower.
Federal rules require all of them to be counseled. A grown child or trusted friend can help too, but whether they can sit in is up to the agency.
Papers to gather
Counseling agencies set their own lists, so ask yours what to have ready. Here's what I'd gather, because the counselor will go over your money and your options with you:
- The list of counseling agencies your lender gave you, and California's two papers: the important notice about reverse mortgages and the worksheet "Is a Reverse Mortgage Right for Me?"
- Income letters: Social Security, pension, retirement account statements.
- Monthly bills, written out: utilities, food, medicine, car, credit cards.
- Your property tax bill, homeowners insurance page (and flood or earthquake insurance, if you have it) and HOA statement. These stay yours with a reverse mortgage, so they matter most.
- Your current mortgage statement and any home equity loan or line of credit.
- Benefit letters if you get SSI or Medi-Cal. Money you hold from a reverse mortgage can affect them. See SSI, Medi-Cal and benefits.
- Your deed or trust papers, and any power of attorney.
- Anything a lender has given you, like an estimate.
- Any contract you've signed with a company that charges you to "arrange" a reverse mortgage. Your counselor is required to ask about this. The money from a HECM can't be used to pay these firms.
- A list of everyone who lives in the home.
Questions to ask
The CFPB suggests questions like these. I'd write them down:
- How does a reverse mortgage work, and how is it different from a regular mortgage?
- What does it cost to get, and what does it cost every year after? (The balance grows with interest, mortgage insurance and fees.)
- What happens to my spouse, or anyone else living here, if I die or move to a nursing home?
- What happens if I sell?
- Which way of getting the money fits me best: a line of credit, monthly payments or a lump sum?
- What are my other options?
- What will I still have to pay, every year, to keep the loan in good standing?
The CFPB also says to tell the counselor about any talks you've had with a lender, including whether anyone tried to sell you something else. No one involved in the loan can require you to buy an annuity, insurance or another product.
How long it takes
HUD's guidance calls for a session of at least 60 minutes. In California, counseling is in person unless you choose another way, such as by phone. Many agencies near Diamond Bar counsel by phone or video, and between them they list Spanish and Vietnamese.
Questions about your own situation?
Talk with Tom Jarboe. He's been helping families with home loans since 1986. You'll get plain answers, and he'll tell you if a reverse mortgage isn't the right fit.
What it costs
Neither I nor New American Funding pays your counselor. That's on purpose: counselors must be independent. Agencies may charge a reasonable fee, paid up front or at closing, so ask for it when you book.
HUD's rule is that no one can be turned away because they can't pay, and if your household is under 200% of the federal poverty level, you shouldn't be asked to pay at the session.
After the session
You and the counselor sign a certificate (HUD form 92902), and you give it to the lender. Then the California wait begins: no final application and no fee until 7 days after the counseling date.
What to do
- Gather the papers above into one folder this week.
- Pick an agency from the list, or search HUD's site at answers.hud.gov/housingcounseling or call (800) 569-4287.
- When you call, ask: Are you on HUD's HECM counselor roster? What's your fee? Can we meet by phone or video? Can my daughter or son join?
- Read reverse mortgage counseling near Diamond Bar for the full steps and nearby agencies.
FHA insures HECMs, and that insurance protects the lender, not you. New American Funding is not acting for HUD, FHA or any government agency.
Sources (read November 3, 2026)show all
- 24 CFR 206.41, who must be counseled; 206.41(b) and 206.43(b), estate planning service firms, eCFR: https://www.ecfr.gov/current/title-24/subtitle-B/chapter-II/subchapter-B/part-206
- California Civil Code, Chapter 8, Reverse Mortgages (1923.2: counseling list, in-person counseling unless chosen otherwise, 7-day wait, no required products; 1923.5: notice and worksheet): https://leginfo.legislature.ca.gov/faces/codes_displayText.xhtml?lawCode=CIV&division=3.&title=4.&part=4.&chapter=8.&article=
- CFPB, "What should I discuss with my housing counselor if I'm thinking about getting a reverse mortgage?" (last reviewed July 11, 2022): https://www.consumerfinance.gov/ask-cfpb/what-should-i-discuss-with-my-housing-counselor-if-im-thinking-about-getting-a-reverse-mortgage-en-230/
- HUD Mortgagee Letter 2011-09, counseling fees and the 200% of poverty rule: https://www.hud.gov/sites/documents/11-09ml.pdf
- HUD Handbook 7610.1 REV-6.1 transmittal, session of at least 60 minutes: https://www.hud.gov/sites/dfiles/OCHCO/documents/76101TRNSHSG.pdf
- HUD counseling certificate, form HUD-92902: https://www.hud.gov/sites/dfiles/OCHCO/documents/92902.pdf
- HUD Housing Counselor data, agencies within 30 miles of Diamond Bar (read Nov. 2, 2026): https://data.hud.gov/Housing_Counselor/searchByLocation?Lat=34.0286&Long=-117.8103&Distance=30
- HUD, find a housing counselor: https://answers.hud.gov/housingcounseling/s/?language=en_US
Free
Reverse Mortgages in California: A Family Guide
I put the key rules from this site into one printable guide for your family: how it works, set-asides, what happens when a parent dies, and the questions to ask. Instant download after you enter your email. No phone number needed.
Tom Jarboe, Regional Sales Manager, New American Funding, NMLS #210600, Diamond Bar.
Questions about your own situation? Talk with me first: (909) 869-6588. Before you can apply for a reverse mortgage, you'll meet with an independent HUD-approved counselor. More notes.