Department of housing and urban development hud now requires all hudapproved reverse mortgage counselors to provide their clients with the national council on agings ncoa 28page consumer booklet on reverse mortgages. Use your home to stay at home is a userfriendly guide to help older homeowners understand the pros and cons of a reverse mortgage. As part of obtaining a reverse mortgage, every potential borrower is required to undergo a counseling session with a hudapproved agency. Among other things, counselors are required to provide participants with a copy of the national counsel on ageing ncoa reverse mortgage. It is most comparable to tutoring, extra help in understanding something that can seem complicated due to all the details. I particularly like the national council on agings use your home to stay at home booklet. Talking with family, a reverse mortgage counselor, a local senior services provider, or a knowledgeable financial advisor also can help. Borrowing against your home october 2010 update since the publication of this booklet in 2008, there have been a number of important changes in the reverse mortgage world. The reverse mortgage process your retirement dreams can.
It includes ncoas booklet, counseling tools and online benefits. The purpose of the counseling is to ensure that all borrowers and spouses understand what a reverse mortgage. You contact a reverse mortgage professional at a lender who specializes in these loans. You may have heard about the reverse mortgage loan on tv, on the radio. National council on aging ncoa booklet, use your home to stay at home a. If the reverse mortgage was an insured private loan, the above doesnt apply. The counseling on a reverse mortgage is an independent session conducted by a third party. Ncoa and greenpath are not lenders and are not involved in the lending transaction. After you obtain a reverse mortgage, you must confirm. Reverse mortgage counseling is required what you should. Reverse mortgage counselors do not receive any payment from reverse mortgage. Learn more about reverse mortgages and how it works. Many in the senior community may have considered a reverse mortgage as an option to remain in their homes. The national council on aging ncoa is committed to helping.
Reverse mortgage resources reverse mortgage information. There are two types of reverse mortgages there is a home equity conversion mortgage hecm, which in its simplest definition is a loan that is governmentinsured by hud and is regulated by the u. Aging in place is the primary underlying reason that reverse mortgages were created and are becoming more and more popular. With a new fha home equity conversion mortgage program known as hecm, one of the biggest upfront fees that borrowers are expected to pay will be almost.
We recommend you contact one who is a member of the national reverse mortgage lenders association nrmla. Big changes ahead to protect borrowers, the federal government will soon slap restrictions on these loans. The following is a summary of these issues, as they affect the content of this book as of october. The booklet can be downloaded from ncoa in both language versions at. The national council on aging ncoa booklet, use your home to stay at home. Ncoa s use your home to stay at home is the official federally approved consumer booklet for older homeowners considering tapping their home equity using a reverse mortgage. The role of the counselor is to educate you about the features of reverse mortgages as well as the appropriateness of a reverse mortgage or other financial options. Main digest the national council on aging ncoa today announces the availability of the 20 version of use your home to stay at home, the official reverse mortgage consumer booklet approved by the. A reverse mortgage can help you convert some of your home equity into cash and continue to live at home for as long as you want. Hud mandates ncoa tools required for approved reverse. Complete the form your mortgage expert, anthony donato, nmls.
It is important that seniors who are considering this product are provided with reverse mortgage resources that will educate them before they move forward. Use your home to stay at home the official reverse. Currently the primary product on the reverse mortgage market is the home equity conversion mortgage. Reverse mortgage guide ebook about reverse mortgages. Same as federallyinsured reverse mortgages or home equity conversion. The revamped use your home to stay at home booklet, which is the official reverse mortgage consumer booklet approved by the department of housing and urban development. Ncoa issues new reverse mortgage guide for all counseling. Counseling is an impartial educational resource to help seniors and their family members make an informed decision about reverse mortgages. This guide is is designed to be used as a primer on reverse mortgages, and to help homeowners considering a reverse mortgage prepare for their discussion with a hudapproved housing counselor. Ncoa helps older homeowners decide whether and when to use their home equity, and explore other community living options.
Florida reverse mortgage lender get free reverse mortgage quote. The official reverse mortgage handbook approved by hud, this guide helps older adults weigh their decisions about tapping their home equity. Questions about reverse mortgages frequently asked questions and answers about the reverse mortgage product. To obtain a reverse mortgage on a home, that home must be your primary residence, which means you must reside there 183 days or more per year.
This userfriendly, 32page guide is designed to help older homeowners determine if a reverse. The most important consumer protection built into the reverse mortgage program is the requirement that a prospective borrower must first meet with an examqualified, independent thirdparty counselor approved by more complying with fhas hecm counseling guidelines. This booklet will give you the tools you need to make wise choices. Ncoa releases updated guide to assist senior homeowners. Reverse mortgage counselors do not receive any payment from reverse mortgage lenders. The credit coalition provides financial and homebuyer counseling and education, foreclosure intervention counseling, reverse mortgage counseling, financial coaching and outreach services to all segments of our community, especially the low and moderate income, who seek information and assistance in entering or reentering the credit mainstream. It includes ncoa s booklet, counseling tool, and online benefits. Reverse mortgage booklet national council on aging. In most cases, the property that serves as collateral for the reverse mortgage is simply sold upon the death of the borrower, and. Department of housing and urban development 451 7th street s. Council on agings ncoa 28page consumer booklet on reverse mortgages. Ncoa wanted to assure the spanish version of this important booklet was as widely accessible as possible, says amy ford, director of. About reverse mortgages about reverse mortgages ncoa reverse mortgage booklet.
The official reverse mortgage consumer booklet approved by the u. Use your home to stay at home t he national council on aging ncoa is committed to helping older persons to maximize all resources, public and. Borrowing against your home reverse mortgage loans. The credit coalition provides financial and homebuyer counseling and education, foreclosure intervention counseling, reverse mortgage counseling, financial coaching and outreach services to. Use your home to stay at home a reverse mortgage can. Ncoa booklet is required reading for seniors considering a reverse mortgage.
Use your home to stay at home booklet this is the official, federally approved consumer booklet for older homeowners considering a reverse mortgage loan. Questions about reverse mortgages frequently asked questions and answers about the reverse mortgage. This userfriendly, 32 page guide is designed to help older homeowners determine if a reverse. Aug 02, 20 get ready for some major renovations in the federal reverse mortgage program. A reverse mortgage is a type of home loan that allows seniors to. Updated guide helps older homeowners use your home to stay. Jan 23, 20 nationwide reverse mortgage counseling intermediary the national council on aging today today released a new reverse mortgage guide book for consumers considering a reverse mortgage loan in retirement. A new reverse mortgage product and ncoas use your home to. Ncoa reverse mortgage booklet is a mustread as part of obtaining a reverse mortgage, every potential borrower is required to undergo a counseling session with a hudapproved agency. The counselor will go over much of the same information provided to you by a lender. Reverse mortgage speak with a florida professional today. In addition, counselors must complete an extra level of financial assessment to help prospective borrowers gain a greater understanding of. The national council on aging ncoa is committed to helping older americans live. The guide also provides information on other housing and home equity options available to older adults looking to remain in their homes as they age.
Among other things, counselors are required to provide participants with a copy of the national counsel on ageing ncoa reverse mortgage handbook. The problem of repaying the loan naturally becomes more complex if the borrowers heirs or the borrower himself, if the reverse mortgage was called while he was still alive wish to keep the property, rather than selling it to repay the loan. It is a decision you should consider carefully, because the house maybe your most valuable financial asset. My name is gary mickey and i am a c2 financial corporation certified reverse mortgage. The most important consumer protection built into the reverse mortgage program is the requirement that a prospective borrower must first meet with an examqualified, independent thirdparty counselor approved by the u. Federal housing authority fha, and a proprietary reverse mortgage, which is a reverse mortgage originated by a mortgage broker that uses a wholesale lender like finance of america reverse. An fha home equity conversion mortgage hecm more commonly known as a reverse mortgage may be the solution. Updated guide helps older homeowners use your home to stay at. Ncoa brochure and assessment tools now required for those. Since 2004, weve helped many florida homeowners through the reverse mortgage process. Department of housing and urban development hud before signing a loan application or incurring any fees.
The counselor should not tell you whether to proceed with the reverse mortgage. Schedule a free reverse mortgage consultation to learn more. It will help you ask the right questions and plan ahead so. Especially as the proportion of hispanics grows relative to the u. A reverse mortgage is a unique loan that allows homeowners 62 years of age. Reverse mortgages are the only financial product perhaps the only product. Use your home to stay at home a reverse mortgage can help you. Reverse mortgages can be a useful tool for older adults to age in place and remain financially secure, but they are not for everyone. Jun 06, 2018 a reverse mortgage unlocks the equity in seniors homes, providing an extra source of funds in retirement. Ncoa releases official spanish language reverse mortgage guide.
My name is gary mickey and i am a c2 financial corporation certified reverse mortgage specialist. It includes ncoa s booklet, counseling tools and online benefits. Find out more about the use your home to stay at home. Types of reverse mortgages there are three types of reverse mortgages. The national council on aging ncoa is a senior advocacy organization with headquarters in washington, dc. Ncoa releases official spanish language reverse mortgage. Home program offices chief human capital officer hudclips handbooks housing handbooks home equity conversion mortgages 4235. You can finance these costs as part of the mortgage. Florida reverse mortgage experts hecm reverse mortgages in. A new reverse mortgage product and ncoa s use your home to stay at home booklet. Our experts will take the time to answer all your questions, explain your options in detail and help you design a reverse mortgage that meets your retirement needs. Since a reverse mortgage is a loan agreement, of course it must be repaid.
Currently the primary product on the reverse mortgage market is the home equity conversion mortgage hecm. It is a requirement for all reverse mortgage loans. Talking with family and a knowledgeable financial advisor also can help. James firman, ceo the national council on aging is a nonprofit service. Apr 24, 20 ncoa wanted to assure the spanish version of this important booklet was as widely accessible as possible, says amy ford, director of reverse mortgage counseling services network for ncoa.
Use your home to stay at home national council on aging. A reverse mortgage purchase allows seniors age 62 or older to buy a new home. It will help you ask the right questions and plan ahead so that you can stay at home as long as possible. Were committed to your education about reverse mortgages. The national council on aging ncoa has announced the availability of the 20 version of use your home to stay at home, the official reverse mortgage consumer booklet approved by the u. The national council on aging, ncoa, publishes a booklet for seniors with that title and it is a must read.
All homeowners must first meet with a government approved reverse mortgage. This booklet is designed to help older adults to understand and assess the potential range of options, including reverse mortgages, that may be available to them for paying for. The money you receive from a reverse mortgage is taxfree, and can be used for any purpose. Jan 24, 20 the national council on aging ncoa has announced the availability of the 20 version of use your home to stay at home, the official reverse mortgage consumer booklet approved by the u. Best case scenarios indicate that scheduling a counseling session will take three to ten business days from the time you place the call to the counseling agency. Use your home to stay at home 1st nations reverse mortgage. Reverse mortgage counseling is not therapeutic or psychological counseling.
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