Help for Seniors: Reverse Mortgage Counseling
The Home Equity Conversion Mortgage (HECM), also referred to as a Reverse Mortgage, is a mortgage loan that allows homeowners over the age of 62 to convert equity in their homes into income that can be used to pay for home improvements, medical costs, living expenses, or other expenses. If you or an older adult is considering a reverse mortgage, you must attend a counseling session through a HUD-approved counseling agency.
Counseling is required in order to receive a reverse mortgage. Counseling is an unbiased educational resource to help the applicant and their family members make an informed decision about reverse mortgages.
What a Reverse Mortgage Counselor Does:
Explain the features and costs of a reverse mortgage
Screen for additional benefits the household may qualify for
Determine that the household understands the pros and cons of a reverse mortgage