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 reverse mortgages work, 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.
If you or a family member is considering a reverse mortgage, 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 a reverse mortgage is right for you. You can reach us at Contact Us.
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 reverse mortgage 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.
Frequently Asked Questions
Helpful Resources
National Council on Aging: Use Your Home to Stay at Home