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An elderly woman hugging her dog after learning about reverse mortage counseling

Gaining access to a powerful financial tool

For those homeowners who qualify, a Home Equity Conversion Mortgages (HECM), better known as a reverse mortgage can be a useful money management tool, especially in retirement.

Understand your options

However, one of the requirements for receiving this type of mortgage is one-on-one reverse mortgage counseling. NFCC Certified Housing Specialists provide these sessions so you have all the information you need, from an objective third-party, to make an informed decision. They’ll provide all the information necessary to determining if this type of mortgage suits your needs, while educating you regarding predatory lending practices, so you can make your decision with greater confidence.

Reverse Mortgage Rules

Borrower Requirements

  • 62 years of age or older
  • Own the property outright or have a small mortgage balance
  • Occupy the property as your principal residence
  • Not be delinquent on any federal debt
  • Participate in a consumer information session given by an approved reverse mortgage counselor

Financial Requirements

  • No income or credit qualifications are required of the borrower
  • No restrictions based on disability or social security status
  • No repayment is required while the property is your principal residence
  • Closing costs may be financed in the mortgage

Property Requirements

  • Single family home or 1-4 unit home with one unit occupied by the borrower
  • HUD-approved condominium
  • Manufactured home that meets FHA requirements

Reverse Mortgage Amount Based On

  • Age of the youngest borrower
  • Current interest rate
  • Lesser of appraised value or the HECM FHA mortgage limit

Resources

An elderly couple discussing reverse mortgage counseling on the phone