Reverse Mortgage Counseling
For homeowners that are 62 years of age and want to reside in their home but are having financial difficulty, a Reverse Mortgage may be a viable option. There are different types of Reverse Mortgages, however all of them are similar in certain ways. With a Reverse Mortgage, you remain the owner of your home just like when you had a forward mortgage. You are still responsible for paying your property taxes and home-owner insurance and for making property repairs. There are no payments due on the Reverse Mortgage for as long as the Homeowner(s) remain in the dwelling. The loan becomes payable when the home is sold, or when the last remaining person listed on the deed of the home passes away or no longer resides at the property. Reputable lenders don't want your house; they want repayment. A requirement of a Home Equity Conversion Mortgage (HECM) is to get a "Housing Counseling Certificate" from an approved counseling agency. CJHRC can provide information on where to receive this counseling and the required certificate.