Getting a reverse mortgage can seem like an intimidating process to both you and your loved ones. When you are making decisions for your retirement, it is important to have plenty of resources on hand to support you in making the right choice for your future.Just in case you are new here or just getting started in your research, here is a brief description:
A reverse mortgage is a type of home loan for homeowners aged 62 and older* that allows you to borrow against the equity of your home with no mortgage payment while you continue to occupy the home as your primary residence. As with any loan product there are risks and benefits, but if used properly, a reverse mortgage can help you with medical and living expenses, while also providing you financial security and peace of mind during retirement.
When you are getting started on your journey, compile a list of reputable resources to keep you fully informed along the way. The first step is discussing the idea with your financial advisor who will be able to cover the big picture as it relates to your overall financial plan.
Then, head over to the Better Business Bureau at www.bbb.org and search “reverse mortgage” in your area to find some quality local resources.
There are also government associations and non-profit organizations available to answer your questions. It’s worth it to take some time to check them out and see what information you can find.
HUD is the trusted government agency that oversees reverse mortgage programs, like Home Equity Conversion Mortgages (HECMs), which are the most common type of reverse mortgage.
Their website provides resources to help you understand eligibility requirements, loan guidelines and the responsibilities associated with a reverse mortgage. Visit them at www.hud.gov, or you can search for HUD-approved counseling agencies in your area by visiting www.hud.gov/counseling.
This nonprofit organization is dedicated to improving the lives of older adults by providing resources, tools and advocacy. NCOA offers tailored financial education and support to help assess the best option for your needs if you are considering a reverse mortgage.
By offering advice, personalized assistance and tools that are designed to protect older adults from misinformation, they bridge the gap between seniors and financial security. Visit www.ncoa.org to learn more
As the name states, the CFPB is the United States federal agency that is designed to ensure that all people are protected in their financial transactions and avoid the pitfalls of predatory lending.
Through the CFPB, seniors can learn how reverse mortgages work, find out what questions to ask lenders, and understand how to identify scams and misleading offers. Visit their website at www.consumerfinance.gov for trustworthy, no nonsense guidance that will support you in making a confident financial decision.
AARP is a leading non-profit organization that is dedicated to strengthening Americans in their retirement years. AARP offers a wide range of financial resources to retirees including videos and guides that will help you understand if a reverse mortgage aligns with your retirement goals.
Search through all their educational content at www.aarp.org or search “Reverse Mortgage” for all related materials.
Financial services based nonprofit organizations like the National Foundation for Credit Counseling (NFCC) can also provide unbiased guidance and detailed information that is tailored to your specific needs as it relates to a reverse mortgage.
Visit their website at www.nfcc.org, to access their digital resources and locate a member agency near you.
As the national trade association for the reverse mortgage industry, the NRMLA is committed to educating consumers, policymakers and lenders about reverse mortgages. By offering tools and guides designed to answer common questions and concerns, they ensure that you know the process, benefits, risks and government regulations that are in place to safeguard you from predatory practices.
Connect with them and their many educational materials and tools at www.reversemortgage.org.
Hosted by nonprofit organization Credit.org, The Reverse Mortgage Academy is the first of its kind reverse mortgage education program. From the start of your journey to answering your family’s most important questions, the Reverse Mortgage Academy is here to provide unbiased guidance that aligns you with a successful financial future.
Unlike general financial resources, the Reverse Mortgage Academy focuses solely on their expertise in reverse mortgage education, to offer clear and well-informed guidance to homeowners seeking unbiased information.
Through expert-led workshops, detailed digital guides and personalized support, the Academy helps you make informed and stress-free decisions about your financial future at your own pace. You will complete the Reverse Mortgage Academy before you finish your required HECM certified counseling, feeling confident about your next steps.
Learn more about the Reverse Mortgage Academy at www.reversemortgageacademy.org.
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As you retire, having access to the right resources is a key component in making sound financial decisions for your future. By leveraging the tools and guidance offered by trusted organizations, you get the clarity you need to navigate your journey with confidence.
Dive into the educational materials, consult with your financial advisor, or talk with a HUD approved housing counselor. Every step brings you closer to aligning with your goals.
The more informed you are, the more you can shape your financial future and unlock the benefits of enjoying your retirement years with peace of mind.
