Here are some things you might want to discuss with a housing counselor if you are considering a reverse mortgage:

• The cost of the counseling (if any) and whether you might qualify for a fee waiver
• A basic description of the way a typical reverse mortgage loan works, including whether you will receive the money in a lump sum, in monthly installments, or as a line of credit
• The different types of reverse mortgage products, for example, loans with adjustable or fixed interest rates
• Any fee you would have to pay to get the reverse mortgage, such as fees for mortgage insurance, loan origination, credit reports, property inspection, appraisals, and title searches
• Any monthly fees associated with the reverse mortgage, such as monthly service fees
• When the reverse mortgage will come due and what happens if you have to move out of the home or want to sell the home
• If someone else is living in the home with you, would they be able to stay in the home if you had to move into a nursing home or assisted living or died
• How you will pay your property taxes and insurance
• What other qualifications you would have to meet to be eligible for a reverse mortgage
• The rules for selling other products, such as annuities, along with reverse mortgages
• If the counseling is done over the phone, ask them to send you the comparisons of any types of loans discussed and any other relevant information
• If you have already discussed a reverse mortgage with a lender before speaking with a counselor, tell your counselor about any other products you were offered, such as an annuity

You can receive counseling about reverse mortgages in person or by phone, but in-person counseling might be more effective in helping you understand the costs and risks associated with this complex product.