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.
What is Reverse Mortgage Counseling?
You’ve been working hard your entire life, paying your mortgage month after month, year after year, all along building equity in your home and growing your investment with each payment. Now, it’s the perfect time in your life to access your investment and begin turning your equity into usable cash flow.
Reverse Mortgages are designed to strengthen personal and financial independence for seniors by making funds available and eliminating the obligation of monthly payments while retaining ownership of their home for life.
Our Certified Reverse Mortgage Counselors will provide you an in depth look at the following:
Prepare for a Reverse Mortgage
Know the risks, obligations, and costs
Retain ownership of your home for life
Review Cash Flow Plan Options
COMMONLY ASKED QUESTIONS
Why is it important to speak with a housing coach from a HUD-approved agency?
It’s important to understand and carefully consider your decision. There are risks, obligations and costs associated with obtaining a reverse mortgage loan – our job is to make sure you are fully informed and make the best possible decision for your situation.
Will I still have an estate that I can leave to my heirs?
When you sell your home or no longer use it for your primary residence, you or your estate will repay the cash you received from the reverse mortgage, plus interest and other fees, to the lender. The remaining equity in your home, if any, belongs to you or to your heirs. None of your other assets will be affected by the reverse mortgage. This debt will never be passed along to the estate or heirs.
How can I find out if a Reverse Mortgage is right for me?
A Reverse Mortgage counseling session is required if you’re interested in obtaining a Reverse Mortgage. Through credit.org, Homeownership.org offers non-obligatory counseling sessions that facilitate this requirement. Give us a call today or set up an appointment to learn more.
How do I receive my payments?
You have five options:
- Tenure – equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.
- Term – equal monthly payments for a fixed period of months selected.
- Line of Credit – unscheduled payments or installments, at times and in amounts of borrower’s choosing until the line of credit is exhausted.
- Modified Tenure – combination of line of credit with monthly payments for as long as the borrower remains in the home.
- Modified Term – combination of line of credit with monthly payments for a fixed period of months selected by the borrower.
Your Reverse Mortgage Coach will be able to walk you through the pros and cons of each option and choose the one that fits your financial situation best.
LETS GET STARTED
It’s free to call us.
Reach out today and speak to one of our
Monday – Friday: 7am to 5pm (Pacific)