Reverse Mortgage Counseling FAQ

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Reverse Mortgage Counseling

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What is a Reverse Mortgage?

A Reverse Mortgage is a type of mortgage where the loan amount is not repaid as long as you are living in your home. The loan is only repaid when the borrower dies, permanently moves out of the home, or if the house is sold.

Who is Eligible?

  • All borrowers must be 62 and older
  • Must own property and occupy as primary residence
  • Must participate in an information counseling session
  • Property must meet FHA property standards
  • Home must be maintained with needed repairs, property taxes and insurance

Why Should I Consider a Reverse Mortgage?

Common reasons for considering a Reverse Mortgage include:

  • Pay off existing mortgage
  • Provide additional monthly income
  • Home repairs or renovations
  • Pay taxes and/or homeowners insurance
  • New home purchase
  • Pre-distribute funds to heirs
  • Prevent foreclosure

How Does My Equity Get to Me?

Proceeds of the loan can be paid in several ways:

  • Lump sum
  • Regular monthly payments
  • Line of credit
  • Combination of monthly payments along with a line of credit

What Else Do I Need to Know?

  • Reverse Mortgage Counseling can be done over the phone or in-person, where required
  • Phone Counseling can include trusted relatives or friends via conference

CESI Counselors Offer:

  • Fast appointment times and affordable fees
  • Certified counseling in English and Spanish
  • Payment options to suit your needs
  • Counseling on public and private benefits

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Consumer Education Services, Inc. (CESI) is a non-profit service provider of comprehensive personal financial education and solutions for all life stages and for all of life’s milestones. Our goal is enhanced economic security for everyone we serve.


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