Reverse Mortgage: Is it a good idea for me?
For seniors who need income in retirement a reverse mortgage might seem like a no-brainer. After all, you worked hard for your home, why not draw on the equity you built up? A reverse mortgage might serve you well, but there are a number of critical issues you need to consider before you can make the right decision. Consulting with a GreenPath housing expert can help you understand the cost involved and the benefits.
We’ll explain how it works, including payout options, homeowner costs, tax implications, and other benefits and drawbacks. Once you complete our mortgage counseling session, you’ll receive a certificate that lenders require as part of the loan application.
Talk to A GreenPath Counselor
Call us to learn the pros and cons and get all of your questions answered. We will equip you with the knowledge to determine if it is right for you.
Make Smart Choices
In order to qualify for a reverse mortgage you must be at least 62 years of age. The federal government also requires that you participate in a counseling session with an approved non-profit agency. GreenPath is certified and our reverse mortgage counseling can be completed over the phone or in person. Our goal is to help you understand all your options so you can feel confident and make an informed decision. We can also assist you if you already have a reverse mortgage and are having trouble paying your property taxes or insurance.
The Reverse Mortgage counseling session costs $199. Grant funds available through the Department of Housing and Urban Development (HUD) allow us to keep our counseling affordable and accessible. If you are pursuing a Home Equity Conversion Mortgage (HECM) you may qualify to have the fee financed based on your income, family size and geographic location.
No, non-profit housing counseling agencies are not permitted to receive money or direct referrals from reverse mortgage lenders. GreenPath is a housing counseling agency, not a lender.
No, GreenPath is not a lender and is not involved in the lending transaction. We are an impartial educational resource to equip seniors and their family members with knowledge to make an informed decision.
Yes. It is important to know what type of reverse mortgage counseling you need when scheduling your appointment. This is important since the certificates are not interchangeable. If you are exploring a HECM reverse mortgage, we are required to send you a few documents to read prior to your counseling session. Contact us at 877-385-1941 to get started!
The counseling session must be completed by anyone on the deed of the home on which you are seeking the reverse mortgage. A non-borrowing spouse is also required to be counseled. Some clients also choose to involve adult children, or other family members.