Are you looking to tap into a portion of your home’s equity? Let one of our certified Reverse Mortgage counselors help you decide whether a reverse mortgage is right for you.
A reverse mortgage is a loan available to homeowners who are 62 years of age or older. There are several ways you can access funds from your reverse mortgage loan and your obligation to repay the loan is deferred until you (or a qualified survivor) pass away, the home is sold, you cease to live in the property as your primary residence, or you breach the provisions of the mortgage (such as failure to maintain the property in good repair, pay property taxes, keep the property insured against fire, etc.).
WACOG’s Certified Housing Counselors provide one-on-one reverse mortgage counseling so that clients receive the information they need to make an informed decision while also avoiding predatory lending practices.
Borrower Requirements
- 62 years of age or older
- Have built some equity in the property
- Occupy the property as your principal residence
- Not be delinquent on any federal or state debt
Financial Requirements
- No repayment as long as the property is your principal residence
- Closing costs may be financed in the mortgage
- Financial assessment (insure that taxes and hazard insurance can be maintained)
Property Requirements
- Single family home or 1-4 unit home with one unit occupied by the borrower
- HUD-approved condominium
- Manufactured home that meets FHA requirements
Frequently Asked Questions
Q: What is a reverse mortgage?
Q: What is a Home Equity Conversion Mortgage (HECM)?
Q: What is the difference between a reverse mortgage and a bank home equity loan? Like all homeowners you still are required to pay your real estate taxes, hazard insurance, and association dues as required. Also, with a traditional second mortgage you can be foreclosed on or forced to vacate your house because you missed your mortgage payment. Q: What can I expect to learn in a reverse mortgage counseling session? The counseling session also offers you the opportunity to ask questions of a trained professional who has no financial interest in whether or not you choose to establish a reverse mortgage. Helpful Links: National Reverse Mortgage Lender Association National Council on Aging American Association of Retired Persons U.S. Department of Housing and Urban Development WACOG’s Reverse Mortgage Services We recognize that consumers have options. That is why we are committed to providing the highest level of quality in our field. Our counselors are accredited and continually train to remain certified and knowledgeable about the most recent developments in this field. Some reverse-mortgage offers can be scams. High-pressure sales, tricky advertising messages, and misrepresentation of risk are some of the warning signs of a scam. With the help of an unbiased third-party like WACOG, you can better protect yourself and your loved ones from scams. Financial education is a part of our mission and our HUD-approved reverse mortgage counselors provide unbiased information to help each individual homeowner understand all available options. The fee for our Reverse Mortgage counseling is $135, which is payable at closing if a household falls below 200% of the poverty level. Reverse mortgages are wonderful financial tools for certain individuals; however, it is a very important financial decision. If you are considering a reverse mortgage the first step is to talk with a reverse mortgage counselor. For more information, or to make an appointment, contact: Sherri Tate: (928) 217-7161 (sherrit@wacog.com)
This Web site includes links to several useful consumer guides and provides detailed answers to common questions about reverse mortgages.
A Web site devoted to elder issues with useful consumer guides. The National Council on Aging also offers a Web-based “Benefits Checkup” that helps seniors with limited income and resources find benefits programs that help with prescription drug costs, rent, energy bills, food, and more.
The American Association of Retired Persons’ (AARP) Web page includes links to obtain their comprehensive consumer guide “Home Made Money.”
The U.S. Department of Housing and Urban Development (HUD) Web page provides basic information about reverse mortgages and a list of HUD-approved lenders.