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To be eligible for a
federally insured Home Equity Conversion
Mortgage (HECM), you must discuss the loan with
a counselor employed by a nonprofit or public
agency approved by the U. S. Department of
Housing and Urban Development (HUD).
The counseling can be very helpful, so using
this service can be a good idea even if you are
thinking about applying for other types of
reverse mortgages. The first step is to decide
if you are ready for formal reverse mortgage
counseling. These questions can help you decide
if you're ready to take that step.
Are You Eligible?
Are you and all other owners of your home at
least 62 years old?
Does each owner live in the home at least six
months out of the year?
Is the home a single family residence, duplex,
triplex, 4-unit residence, a condominium,
cooperative, or a planned unit development
(PUD)?
If you answered "Yes" to each question, then
most likely you are eligible for a HECM. If you
answered "No" to the last question, you may
still be eligible if you live in certain types
of manufactured housing. Only a reverse mortgage
lender can determine for certain if you are
eligible.
Could You Get Enough Money?
Could a reverse mortgage give you the amount of
money you would need to get from it?
Use the Reverse Mortgage Calculator to estimate
how much you could get from a HECM. But keep
this in mind:
•If you now owe any money on a debt against your
home, you would have to pay off the full amount
you owe to get a reverse mortgage. But you could
use money from the reverse mortgage to do that.
•Example: If you now owe $20,000 on a home
equity loan and could get $100,000 from a
reverse mortgage, you could use $20,000 from the
reverse mortgage to pay off the home equity loan
— which would then leave you with $80,000 from
the reverse mortgage.
Finding a Counselor
You or your authorized legal representative can
request reverse mortgage counseling. An
authorized legal representatives can be a
guardian, conservator, or a person holding a
durable power of attorney who has been
authorized to act in this matter by you.
Counselors in HUD’s National HECM Counseling
Network provide in-person counseling in their
local areas and counseling by telephone in other
areas nationwide. This counseling generally
takes at least one hour. When provided by
telephone, it typically takes two or more calls.
Before talking to a counselor, make a written
list of your questions and concerns. Ask your
counselor to send you loan printouts in advance
so you can review them before your counseling
session, and then have them in hand when your
counselor explains them to you.
Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
Counseling agencies may charge a fee for HECM
counseling, but they must tell you about it
before the counseling occurs, and the fee amount
must be based on your ability to pay. Agencies
cannot turn you away because of your inability
to pay, and they cannot refuse to counsel you if
you fail to pay. The maximum allowable fee in
2008 is $125 or the actual cost of providing the
counseling, whichever is less. If your
counseling agency charges a fee, you can have it
paid out of your loan proceeds just like other
HECM fees, or you can pay it directly to the
counseling agency.
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Program Features |
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Our staff is comprised of Reverse Mortgage Loan experts. |
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No hidden fees. |
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Very little documentation required. |
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We have many positive solutions. |
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You must act quickly |
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