Reverse Mortgage Counseling
Reverse mortgages, also known as HECMs (Home Equity Conversion Mortgages), allows borrowers 62 or older to borrow against the equity in their home.
The HUD insures HECMs and the Federal Housing Administration (FHA) administers them. The loan must be repaid if the borrower dies, sells the home, or moves. However, HECMs require counseling and CCCS charges $125.
Counselors can help you understand the costs and the benefits of a reverse mortgage. Also, counselors can provide other information such as the effects on the borrowers’ heirs. In fact, the CCCS can provide counseling to citizens of all states except Massachusetts, New Hampshire, and Vermont.
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Contact CCCS at https://www.cccssavannah.org/contact-us/