Are Reverse Mortgages safe? Simple answer is Yes. There are many safeguards put in place by HUD that protect seniors who utilize a reverse mortgage. One of these safeguards is Independent Counseling. Before a reverse mortgage application can be processed, the prospective borrower(s) must first meet with an independent third-party counselor. The HUD approved counselors have no affiliation with the lenders. Their job is to review the transaction, answer questions, and make sure the borrower understands the loan, and also suggest alternative options.