Reverse Mortgage

. . . is a special home loan that enables you to convert a portion of your equity in your home into cash.  Although there are different types of reverse mortgages, all of them are similar in certain ways:

• You remain the owner of your home.
   

• You are responsible for your property taxes and homeowners insurance.
   

• You are responsible for making repairs to your home.
   

• All Reverse Mortgage Loans are a variable interest Loan.

Since your home is probably your largest single investment, it’s smart to know more about reverse mortgages, and decide if one is right for you!

  Top Ten Things to Know if You're Interested in a Reverse Mortgage

These Loans can help with:

• Paying off mortgage loans

• Additional income

• Health care and prescriptions

• Removing liens and loans attached to your home

• Making repairs to your home

• Following your Dreams

• . . . and much more
   

Spending your Home Equity

Spending your equity too soon may make it financially difficult to stay in your home.  If you move due to a disability or failing health, then the remaining equity at the end of your loan becomes vitally important to you.
 

When to take a Reverse Mortgage

In the future, you may be eligible for larger cash advances because you will be older and your home is likely to be worth more.

However, if interest rates rise, you may not be able to obtain greater loan advances.

If you decide against getting a reverse mortgage now, you can consider that as a future possibility, as your home equity and “nest egg” grows.
 

Preparing for Counseling

Counseling by the Community Housing Resource Center is provided "face-to-face".  Make a written list of questions and concerns and bring them with you to a scheduled counseling session.

The Community Housing Resource Center will provide Information Sheets and Reverse Mortgage Comparison Loan scenarios.

Steps in the Reverse Mortgage Lending Process

Reverse Mortgage Terms

Reverse Mortgage Counseling & Alternatives

The Community Housing Resource Center is a not-for-profit organization that assists seniors with education and counseling.

We provide:

• Face-to-Face counseling to determine if a Reverse Mortgage is right for you.
   

• Education about alternatives to your circumstance, such as:
   

  • Property Tax Deferral

  • Deferred Home Loans

  • Alternate Prescription Source

  • Selling and moving
     

• Counseling is provided by an AARP nationally certified counselor.

• We charge $125 for a personal reverse mortgage counseling session.

• We also offer a free reverse mortgage class each month.  Check our calendar for time and date
   

• The Community Housing Resource Center is a HUD-certified counseling agency.

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