Final answer:
A lender cannot accept an application for a reverse mortgage until the applicant provides proof of having received counseling.
Step-by-step explanation:
Yes, it is true that a lender cannot accept an application for a reverse mortgage until the applicant provides proof of having received counseling.
Reverse mortgages are specialized loans for homeowners aged 62 or older. The counseling requirement is mandatory to ensure that potential borrowers fully understand the implications and obligations of a reverse mortgage.
By completing counseling, applicants are better equipped to make an informed decision regarding their financial future.
The counseling session typically covers topics such as the costs involved, alternatives to a reverse mortgage, and the risks associated with this type of loan.
This requirement helps protect the interests of older homeowners and prevents them from entering into a reverse mortgage agreement without fully understanding the potential consequences.