Reverse Mortgage Pros and Cons
Need
more income in your golden years?
A reverse mortgage may be the answer
Making ends meet can be a real
challenge for you as a senior citizen. If you are a homeowner who
has reached age 62 or older, the Home Equity Conversion
Mortgage (HECM) - FHA's Reverse
Mortgage - may allow the use of your home's equity as a
source of income without adding to your monthly debt. In fact, you
can use your HECM loan for anything you choose without
having to repay your mortgage until the house is sold. Lenders
determine whether you qualify for a HECM. The Federal
Housing Administration (FHA) requires that you
attend a counseling session before you apply for a
HECM loan. RethinkingDebt.org provides
the consumer credit counseling required by the
FHA, and we will make sure that you understand all of
the reverse mortgage pros and cons.
Reverse mortgage counseling sessions give you all the
information you need.
- How a reverse mortgage
works
- An analysis of your financial
situation
- Payment options and costs
associated with a Reverse Mortgage
- Other resources you might find
useful in meeting your financial needs
- A review of all of your options
so you can make an informed decision
Certificate of participation
When you complete the reverse
mortgage counseling session, we will issue you a certificate
of participation that is required by your lender for the HECM
loan application. Counseling sessions can take
place over the phone, or by meeting with one of our certified
counselors.
Schedule an
appointment
RethinkingDebt.org is committed to outstanding
customer service. Our Appointment lines are open
Monday-Thursday 8am-8pm, Friday 8am-5pm, and Saturday 9am-1pm
(EST). Explore our other consumer credit counseling
services including debt consolidation and
debt management
programs, bankruptcy counseling,
foreclosure prevention
counseling, housing counseling, paying off
debts and financial education
programs.
