A Reverse Mortgage allows homeowners to receive money to supplement income, meet medical needs or home repair. Reverse mortgages can be used by home owners age 62 and older to convert the equity in their home into monthly streams of income and/or a line of credit to be repaid when they no longer occupy the home.
Reverse Mortgage loans are provided by limited lenders listed on the HUD website (Make sure to check the HECM box, and choose a lender within your location radius to narrow the search.) Counseling with an Exam Qualified Counselor is required for a reverse mortgage and there are specific age, home equity, and value qualifications. Call us for an initial interview to see if you qualify. To find a HECM counselor, visit the FHA HECM Roster or call (800) 569-4287.
Information you will be asked during the initial phone interview includes:
- Street Address of house involved
- Dates of birth for all names (s/b Date of birth of youngest person) listed on home deed
- Approximate amount currently owed on mortgage, if any.
- Approximate current value of home
IN PERSON, TELEPHONE COUNSELING AND VIDEO CONFERENCE COUNSELING:
A qualified housing counselor will help you with:
- financing options
- setting up a budget
- working with a lender
- offers and closing
- home maintenance
- action plan to accomplish your goals
By the end of the counsel, you’ll be better prepared to make a decision about a reverse mortgage and feel more confident about the entire process. The session takes an average of 60-90 minutes and includes a HUD certificate at completion. This certificate is necessary to be approved for a reverse mortgage loan.