Reverse Mortgage Counseling Services
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For homeowners aged 62 and older who qualify, a Home Equity Conversion Mortgages (HECM), also known as a reverse mortgage, is a special type of home loan that lets you convert a portion of the equity accumulated in your home into cash. With a reverse mortgage, the equity payments from your loan can be paid to you.
Unlike a traditional home equity loan or second mortgage, repayment on the reverse mortgage is not required until the borrower(s) permanently moves out of the property or are no longer living.
In order to qualify for a reverse mortgage, the individual seeking a loan must participate in one-on-one reverse mortgage counseling from a government-approved agency. CESI’s Certified Housing Counselors provide reverse mortgage counseling to give all the information you need to make an informed decision. From helping you determine if a reverse mortgage is right for you, to educating you on how to avoid predatory lending practices, CESI’s reverse mortgage counseling equips you to make your decision with greater confidence.
Using a reverse mortgage, the amount you are eligible to borrow will depend on several factors including:
In most cases, the more value your home has, the older the borrower and the lower the interest rates, the more you may be eligible to borrow under a reverse mortgage.
Reverse mortgage counseling is offered by HUD-approved housing counseling professionals who can:
Reverse mortgage counseling can be completed over the phone or in person.
Upon completion of the reverse mortgage counseling session, you will receive a certificate that your lender will require as part of your loan application.
Consumer Education Services, Inc. empowers people to overcome their financial challenges and lead financially-healthy lives.
CESI is NOT A LOAN COMPANY