Reverse Mortgage Counseling (HECM)

New Kind of Loan:  In Reverse

• A "reverse" mortgage is a loan taken against your home.  It is available to homeowners who are at least 62 years old.  You do not have to repay the loan as long as you live in the home.  With a reverse mortgage, you can turn the value of your home into cash without having to move or to repay the loan each month.  The cash you get from a reverse mortgage can be paid to you in several ways:

1.  
   1. all at once, in a single lump sum of cash;
   2. as a regular monthly cash advance;
   3. as a "creditline" account that lets you decide when and how much of your available cash is paid to you; or
   4. as a combination of these payment methods.

• No matter how this loan is paid out to you, you typically don't have to pay anything back until you die, sell your home, or permanently move out of your home.

For more information go to www.aarp.org or www.hud.gov/buying/rvrsmort.cfm or call 884-7791 ext. 324 / TDD 711