Reverse Mortgage Counseling
NHS of Southwest Wisconsin provides independent, objective, confidential information to homeowners considering a reverse mortgage. A Home Equity Conversion Mortgage (HECM) is an Federal Housing Administration (FHA) insured reverse mortgage requiring a counseling session.
NHS has a certified counselor on staff to provide the counseling and certificate required for a HECM. Counseling is available face-to-face or over the telephone and does not obligate you to apply for a reverse mortgage.
During the counseling session, your counselor will:
- Provide loan estimates based on your age and the value of your home
- Show you how to understand and compare the estimates you receive from lenders
- Explain the requirements, costs, and benefits of a reverse mortgage
- Review your budget and discuss long range ability to continue to live in your home
- Explore other options that might be available to you
Contact NHSSW for more information or to schedule an appointment with a certified counselor.
A counseling fee of $125.00 applies only if a reverse mortgage is obtained and can be financed into the closing costs.
Additional Resources:
- HUD: U.S. Department of Housing and Urban Development:
- www.hud.gov -type reverse mortgage in search box.
- AARP: Association for the Advancement of Retired Persons:
- www.aarp.org/revmort -Reverse Mortgage Loans: Borrowing Against Your Home.
- FTC: Federal Trade Commission:
- www.ftc.gov -type reverse mortgage in search box.
- NCOA: National Commission on Aging:
- www.ncoa.org -Use Your Home to Stay at Home.
- Reverse Mortgage, A Good Option for Me?
