Reverse mortgage counselors are HUD-approved professionals who can: Evaluate the pros and cons of whether a reverse mortgage is right for your situation. Screen for public and private benefits that can help you pay for needs like home energy, meals, and medications. Connect you to other services.
FHA insures a reverse mortgage known as HECM. Reverse mortgages allow homeowners to convert equity in their homes into income that can be used to pay for home improvements, medical costs, living expenses, or other expenses. The equity that the homeowner builds up over years of making mortgage payments can be paid to the homeowner.
Reverse Mortgage Counseling Your Path to Retaining Homeownership Begins Here! Are you 62 years of age or older? If so, you may be eligible for a Reverse Mortgage, a valuable retirement loan that turns the equity you have built up in your home into tax-free cash flow.
We outline some of the other options, including downsizing and refinancing in this article on reverse mortgages in general. To take out an HECM, you’ll need to connect with a HUD-approved counselor.
Lenders will have to provide details of a reverse mortgage in clear language to all borrowers, plus borrowers will have to attend a credit counseling session. http://www.moneytips.com/hud-announces.
Reverse mortgage counseling is required as part of the application process. Independent HUD-approved counselors provide homeowners with unbiased information about reverse mortgage loans. Counseling can be completed over the phone or face-to-face with a local agency.
Benefits of Using a Housing Counselor. There is no charge to work with a HUD-approved counseling agency. A housing counselor can provide a range of services, including: Identifying mortgage assistance options that are suitable for your situation. Helping you create a budget that supports your mortgage and other expenses.
An FHA reverse mortgage is designed for homeowners age 62 and older. It allows the borrower to convert equity in the home into income or a line of credit. The FHA reverse mortgage loan is also known as a Home Equity Conversion Mortgage (HECM), and is paid back when the homeowner no longer occupies the property. There are requirements for an FHA.
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