Maggie's Reverse Mortgage Blog : October 2014

Free Reverse Mortgage Counseling is Now Available

Reverse Mortgage Counseling with no Cost

A number of HECM Reverse Mortgage Counseling Agencies are providing counseling sessions with no cost at this time.  These are counselors who have received grants and are able to educate seniors on reverse mortgages and provide a counseling certificate.  When grants run out, they will charge the typical fees of $125 to $150.

 
 If you wish to receive a counseling list,    send a request to Maggie O'Connell.  

 

Topics to be discussed

at HECM Counseling

_____ How unexpected medical or other events that cause the prospective borrower to move out of the home, either permanently or for

more than one year, earlier than anticipated will impact the total annual

loan cost of the mortgage.

_____ The extent to which the prospective borrower's financial needs

would be better met by options other than a reverse mortgage, including,

but not limited to, less costly home equity lines of credit, property tax

deferral programs, or governmental aid programs.

_____ Whether the prospective borrower intends to use the proceeds of

the reverse mortgage to purchase an annuity or other insurance products

and the consequences of doing so.

_____ The effect of repayment of the loan on nonborrowing residents of

the home after all borrowers have died or permanently left the home.

_____ The prospective borrower's ability to finance routine or

catastrophic home repairs, especially if maintenance is a factor that may

determine when the mortgage becomes payable.

_____ The impact that the reverse mortgage may have on the

prospective borrower's tax obligations, eligibility for government

assistance programs, and the effect that losing equity in the home will

have on the borrower's estate and heirs.

_____ The ability of the borrower to finance alternative living

accommodations, such as assisted living or long-term care nursing home

 

The counseling certificate is good for 6 months and required before starting the reverse mortgage purchase or refinance transaction.  If you have any questions about reverse mortgages or the HECM counseling, please call Maggie O'Connell at 800-684-9438.

 

By Maggie O'Connell

 

 

 

 

Comment balloon 0 commentsMaggie O'Connell • October 20 2014 12:14PM
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