Reverse Mortgage Counseling

Reverse mortgages are loans designed specifically for older homeowners. They allow a homeowner to borrow against the value of their home without incurring a monthly payment obligation. The loan can remain in place, without any payments, until the homeowner leaves the home permanently. To be eligible, a borrower must be over age 62, live in their home, and have a substantial amount of equity in the home.

Resources for Seniors is a HUD-approved housing counseling agency and supports the federally-insured Home Equity Conversion Mortgage by providing objective, third-party counseling to prospective borrowers, in accordance with HUD regulations.

We have no financial interest in whether the homeowner takes the reverse mortgage or not; we simply want older adults who use this financial tool to understand what they are doing. Reverse mortgages are not for everyone, and part of the counselor's responsibility is to help the homeowner research whether other alternatives may be more appropriate or less expensive.

A highly-trained and experienced reverse mortgage counselor is available at Resources for Seniors to meet with homeowners to discuss the program. Home visits may be available for homeowners who are unable to come to the office. There is a charge ($125) for counseling, which can be financed into the costs of the loan; fees are waived in some circumstances. There is no charge for brief telephone consultations: call Chris Schafale at 919-713-1537 for more information or to schedule an appointment.

If you are just exploring the idea of a reverse mortgage, you may want to begin with the extensive, high-quality, consumer information about reverse mortgages on AARP's website at www.aarp.org/revmort.

Resources for Seniors does not recommend specific lenders. A list of lenders doing business in North Carolina can be found on the NC Commissioner of Banks website