Reverse Mortgage Counseling
If you’re at least 62 years old and have substantial equity in your home, you could be a candidate for a reverse mortgage. If you or a family member is considering a reverse mortgage, contact GreenPath to learn the pros and cons and get all of your questions answered. We will equip you with the knowledge to determine if a reverse mortgage is right for you.
A reverse mortgage is a loan against the equity in your home that you do not have to pay back as long as you live there. It enables you to turn the value of your home into cash without having to move or make loan payments. However, a reverse mortgage can be an expensive loan that reduces or eliminates your home equity.
Just because you qualify doesn’t mean a reverse mortgage is your best option. In order to be considered for a reverse mortgage, the U.S. government requires that you participate in a reverse mortgage counseling session with an approved non-profit agency like GreenPath. Reverse mortgage counseling can be completed over the phone or in person.
We will explain how reverse mortgages work, including payment options, costs, tax implications, benefits and drawbacks. After completing the mortgage counseling session, you will receive a certificate that lenders require as part of the loan application. Our goal is for you to understand your options so you can make an informed decision on whether a reverse mortgage is right for you.
We can also assist you if you already have a reverse mortgage and are having trouble paying your taxes or insurance.
The official reverse mortgage consumer booklet approved by the U.S. Department of Housing & Urban Development.
How much does it cost for reverse mortgage counseling?
GreenPath offers reverse mortgage counseling for a reasonable fee. Grant funds available through the Department of Housing and Urban Development (HUD) allow us to keep our services affordable and accessible. HUD prohibits lenders from paying the fee for applicants.
Does GreenPath provide reverse mortgage loans?
No, GreenPath is not a lender and is not involved in the lending transaction. We are an impartial educational resource to help seniors and their family members make an informed decision.
Does GreenPath receive support from reverse mortgage lenders?
No, we do not receive any payment or consideration from reverse mortgage lenders. Non-profit housing counseling agencies are not permitted to receive money or direct referrals from reverse mortgage lenders.
Who should attend a Reverse Mortgage counseling session?
All persons on the deed must attend a reverse mortgage counseling session. It is important that all involved parties understand all aspects of a reverse mortgage. We believe it is a good idea for the family to sit down together and discuss their wants and needs for a reverse mortgage prior to this session. HUD requires spouses of borrowers to be counseled, even if they will not be borrowers. We also encourage attendance by other family members and/or professional advisors who may be assisting the borrower. HUD strictly prohibits lenders from attending the counseling session.
I previously took out a Reverse Mortgage, but am having difficulty staying current with my property taxes. Can you help?
Yes. We will conduct a complete financial assessment with you and guide you through your options. Lenders are often willing to work with homeowners in order to avoid foreclosure.