Reverse Mortgage Counseling

A certified housing counselor at ClearPoint Credit Counseling Solutions* can help you work through the process of obtaining a reverse mortgage.

What is it?

A “reverse mortgage” is a loan against your home that allows you to convert some of your home equity into cash without having to move or make a monthly payment. Cash from a reverse mortgage may be obtained in a lump sum, a monthly payment, a line of credit or a combination of these payment methods.

Why get one?

This option for increasing income can be especially helpful to those who have limited retirement income and wish to stay in their own home. Seniors often apply for reverse mortgages to supplement Social Security, pay for medical expenses, and make home improvements. Cash from a reverse mortgage may be obtained in a lump sum, a monthly payment, a line of credit or a combination of these payment methods.

Certification

As the cost of the loan can be high and a reverse mortgage may affect your estate, homeowners must understand the options and consequences. So much so that the federal government requires that anyone seeking a reverse mortgage must obtain a certificate from a HUD-approved housing counselor. ClearPoint supplies our clients with a Home Equity Conversion Certificate (HECM) required by federal law to close a reverse mortgage.

The counseling

Our certified housing counselors provide seniors with information regarding the HECM (home equity conversion mortgage) loans, Fannie Mae loans and other alternatives. This information is presented in one-on-one sessions in our branch offices or by phone, to ensure that clients receive the information necessary to make informed decisions while avoiding predatory lending practices.

ClearPoint Credit Counseling Solutions is a U.S. Department of Housing and Urban Development (HUD)-approved housing counseling provider.

Appointments

The current cost for reverse mortgage counseling is $75.**

Call ClearPoint at 800.467.0906 to schedule an appointment with an experienced housing counselor in person at a branch office or by phone.

*Formerly ByDesign Financial Solutions, Consumer Credit Counseling Service of Los Angeles, Consumer Credit Counseling Service of the Sacramento Valley, Consumer Credit Counseling Service of Central Valley and Consumer Credit Counseling Service of Mid-Counties.

**Prices are subject to change.