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, but at the present time (June 2015), we do not have a counselor on staff to provide reverse mortgage counseling in our office. We recommend that you ask your lender, if you have one, for a list of other agencies in the Raleigh area who can help. If you do not have a lender, you may find a list of reverse mortgage counseling agencies on HUD's website.
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. The Consumer Financial Protection Bureau also has information for consumers on reverse mortgages and has a publication you can download.
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