What to Consider about Reverse Mortgages from the CFPB
This guide gives an overview of many key concepts of reverse mortgages, also known as home equity conversion mortgages (HECM). A qualified reverse mortgage counselor can help you learn more. If you’re interested in considering a reverse mortgage, but haven’t spoken with a counselor yet, call the Department of Housing and Urban Development (HUD) (800) 569-4287 to find a an approved reverse mortgage counselor today. A detailed discussion with a counselor will give you important information to help you decide whether a reverse mortgage is right for you. HUD approved reverse mortgage counselors have the latest information on reverse mortgages. In order to get the most out of your counseling session, come prepared to talk about:
- Your financial needs and goals
- Your spouse or partner’s future housing and financial needs
- Other family members or dependents living with you and their future housing needs
- The reasons you’re considering a reverse mortgage
- The alternatives to a reverse mortgage you may have considered
Published Jun 17, 2019.