Reverse Mortgage Counseling
Some senior citizens find themselves rich in home equity, but cash poor when trying to pay month-to month bills. If this is you, a reverse mortgage may be a good option for you. However, before you can obtain a reverse mortgage, you must receive HUD-approved Reverse Mortgage Counseling.
Like many loan products, a reverse mortgage is neither good nor bad, though it may be described as “appropriate” for some seniors and “inappropriate” for others. The reverse mortgage counseling session is not a sales pitch. Rather it is an attempt to get the prospective borrowers to clarify their financial goals, and to see if the reverse mortgage will help them achieve those goals. In addition, alternative strategies are reviewed, and the costs of the reverse mortgage are explained. Our goal is to help inform prospective borrowers so they can make a decision that best suits their needs.
Looking for some additional information? Helpful resources can be found on the National Council on Aging website, www.ncoa.org. Here you will find many excellent publications that describe reverse mortgages and the process of getting a reverse mortgage. One such resource we strongly recommend is the publication Use Your Home to Stay at Home. This guide provides essential information on home equity options available to older adults looking to remain in their homes as they age.