What is a reverse mortgage?

A reverse mortgage is a type of home loan for eligible homeowners (often age 62+) that may allow you to access home equity while living in the home, with repayment typically due when you move, sell, or pass away. (EN/ES)

What is a reverse mortgage and how does it work?

A reverse mortgage may provide funds through a lump sum, monthly payments, or a line of credit. Interest and costs can add to the loan balance over time, and borrowers must keep up with property charges and occupancy rules. (EN/ES)

How do reverse mortgages work and how do you pay back a reverse mortgage?

Repayment is usually triggered when the last borrower no longer lives in the home as a primary residence, sells the home, or passes away. Repayment typically comes from selling the home, paying the balance, or refinancing, depending on the situation. (EN/ES)

What are reverse mortgage requirements?

Requirements vary by program and lender, but commonly include meeting age eligibility, living in the home as your primary residence, and having a qualifying property. Counseling explains key requirements and borrower responsibilities. (EN/ES)

What are the pros and cons of a reverse mortgage?

Pros may include accessing home equity without monthly mortgage payments (depending on the loan structure). Cons can include loan costs, interest accrual, obligations to pay taxes/insurance and maintain the home, and potential impact on heirs. Counseling reviews common tradeoffs. (EN/ES)

Is a reverse mortgage a good idea?

It depends on your goals, budget, health and housing plans, and how long you expect to stay in the home. Counseling helps you understand decision factors and alternatives so you can make an informed choice. (EN/ES)

What are the 3 types of reverse mortgages?

Common types include the HECM (a federally insured reverse mortgage), proprietary reverse mortgages offered by private lenders, and certain single-purpose reverse mortgages that may be offered for specific uses. Availability varies by location and lender. (EN/ES)

How much does reverse mortgage counseling cost?

Reverse mortgage counseling sessions start at $199 for HECM counseling and $229 for proprietary (non-HECM) programs. Each session provides HUD-approved guidance tailored to your housing goals. (EN/ES)

Do you provide reverse mortgage counseling nationwide?

Yes. Credit.org provides phone and virtual reverse mortgage counseling for eligible U.S. residents. (EN/ES)

Reverse Mortgage Counseling for a More Secure Retirement

Are you 62 or older and weighing a reverse mortgage as part of your retirement plan? Reverse mortgage counseling from Credit.org gives you the clear, unbiased guidance you need before signing on the dotted line.

This program lets you tap into your home equity to supplement retirement income, eliminate other debt, or cover monthly expenses. Through our HUD-approved reverse mortgage counseling session, you will gain a clear understanding of what a reverse mortgage is, how it works, and whether a reverse mortgage loan fits your long-term financial needs.

Credit.org is a nonprofit, HUD-certified housing counseling agency and a member of the National Foundation for Credit Counseling (NFCC). We have provided trusted reverse mortgage counseling for more than 50 years.

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(HECM)Schedule Your Appointment
(NON-HECM)

800-294-3896

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Start Your Reverse Mortgage Counseling Journey with Clear Guidance and Support

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Descubra información oculta,Obtenga el control financiero

Obtenga una visión clara de lo que su informe crediticio dice sobre usted. Nuestros expertos lo guían a través de cada factor que afecta su calificación y lo ayudan a identificar exactamente dónde se pueden realizar mejoras.

Corregir errores de informes,Construye una puntuación más sólida

Identificaremos y abordaremos las imprecisiones que puedan estar reduciendo tu puntuación. La corrección de estos errores proporciona un nuevo comienzo y una base sólida para el crecimiento continuo del crédito y la salud financiera.

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Actúe,Crédito Maestro

Nuestro enfoque no se limita a revisar, sino que lo preparamos para el éxito. Con un plan de acción personalizado, sabrá exactamente qué medidas debe tomar para mejorar su calificación y aprovechar nuevas oportunidades financieras.

Paso a paso
Reverse Mortgage Counseling Process

Paso 1
Start With the Basics of a Reverse Mortgage

Reúnase con un asesor certificado para revisar los saldos de sus tarjetas de crédito, las tasas de interés y las obligaciones mensuales, y luego explore opciones realistas para recuperar sus finanzas.

Paso 2
Choose the Right
Type of Reverse Mortgage

Analizaremos su deuda total, la carga de intereses y el comportamiento de pago para identificar maneras de reducir el estrés, evitar cargos y recuperar el control de su vida financiera.

Paso 3
Discuss Pros, Cons, and Alternatives

Obtenga un plan paso a paso adaptado a su situación, que a menudo reduzca las tasas de interés, consolide los pagos y lo ayude a saldar su deuda más rápido con un pago mensual.

Step 3
Get Your HECM Counseling Certificate and a Clear Retirement Strategy

Tendrá acceso a herramientas de presupuestación, recursos de seguimiento de deudas y orientación personal, lo que le permitirá mantener el control y evitar volver a caer en deudas inmanejables.

Herramientas crediticias hechas para ayudarlo

Con las herramientas adecuadas, administrar y mejorar su crédito se convierte en una tarea sencilla. Un asesoramiento presupuestario eficaz es clave para la salud crediticia. Nuestros recursos y herramientas lo guían para asignar los fondos de manera inteligente, reducir las deudas y tener un impacto positivo en su calificación crediticia.

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Reverse Mortgage FAQs

What Are the Eligibility Requirements for a Reverse Mortgage?

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To qualify, you must be 62 or older, own your home, and live in it as your primary residence. Reverse mortgage counseling with a HUD-certified counselor will confirm your eligibility and walk you through next steps.

Why Speak with a Counselor from a HUD-Approved Agency?

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A HUD-certified counselor ensures you fully understand the risks, costs, and benefits so you can make a confident, informed decision. HUD requires this counseling before any HECM loan can close, and proper counseling protects you from costly mistakes.

How Can I Know If a Reverse Mortgage Is Right for Me?

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Our HUD-approved counselors will help you assess your finances, explain the pros and cons, and guide you through the decision based on your goals and needs.

Will I Still Have an Estate to Leave to My Heirs?

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Yes. Any remaining home equity after repaying the reverse mortgage loan and interest goes to your estate or heirs when the home is sold or vacated. Counseling can also help you plan ahead so your loved ones know what to expect.