A "reverse mortgage" is a loan against your home that you do not have to pay back for as long as you live in the home. This option for increasing income can be especially helpful to those who have limited retirement income but wish to maintain or improve their standard of living. To be eligible, you must be 62 or older and own your home. With a reverse mortgage, you can turn the value of your home into cash without having to move or make monthly repayments on a loan. 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.

Our certified housing counselors provide seniors with information regarding the HECM (home equity conversion mortgage) loan products, FannieMae loan product and other alternatives. This information is presented in one-on-one sessions in our offices or by phone, following HUD's reverse mortgage procedures, to ensure that clients receive the information necessary to make informed decisions while avoiding predatory lending practices. We also supply our clients with a reverse mortgage certificate, necessary to close a reverse mortgage.

The Federal government requires that anyone seeking a reverse mortgage must obtain a certificate from a HUD-approved housing counselor.

There is no cost for reverse mortgage counseling.