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Reverse Mortgage
A reverse mortgage is a complex home loan for senior homeowners who have built up substantial equity in their property.
In a reverse mortgage, the lender loans you money based on the value of your home, the amount of equity you have in the home, and your age at the time of the loan application. The lender pays you the money either in a lump sum, in monthly installments, or as a line-of-credit.
Unlike a traditional home equity loan or second mortgage, repayment is not required until you sell your home, move out permanently, or die. The amount of money you owe increases over time because you do not make payments. If you sell your home, you can keep any proceeds from the sale of your home in excess of what you owe the lender.
To qualify for a reverse mortgage, the borrower must be at least 62 years old. The borrower must receive counseling in advance from an approved counseling agency. The mortgage on your home must be completely or nearly paid off. You can get a reverse mortgage regardless of your current income.
National Council on Aging
Arlington VA 22202
Description:
The National Council on Aging (NCOA) is a nonprofit service and advocacy organization headquartered in Washington, DC. NCOA is a national voice for older Americans and the community organizations that serve them. NCOA brings together nonprofit organizations, businesses, and government to develop creative solutions that improve the lives of all older adults.
NCOA works with thousands of organizations across the country to help seniors find jobs (employment) and benefits, improve their health, live independently, and remain active in their communities.
Reverse Mortgage Counseling
NCOA's Reverse Mortgage Counseling Services Network is one of seven national counseling groups approved by the U.S. Department of Housing & Urban Development.
A reverse mortgage allows homeowners aged 62+ to convert a portion of their home equity into cash while they continue to live at home for as long as they want.
NCOA counselors are exam-qualified aging services professionals who can help you:
- Evaluate the pros and cons of a reverse mortgage for your situation.
- Apply for public and private benefits that can help you pay for needs like home energy, meals, and medications.
- Find services in your community that can help you stay independent longer.
There is no fee unless you choose to apply for a reverse mortgage. NCOA also waives the $135 counseling fee for older adults who:
- Are facing financial challenges such as foreclosure.
- Have modest incomes under $20,000 for single homeowners and under $30,000 for couples.
To schedule a counseling session, call toll-free (800) 510-0301.