Reverse Mortgage Counseling
What is a Reverse Mortgage?
A Reverse Mortgage can assist in providing a tax-free cash flow to eligible homeowners 62 years of age or older. It is a unique loan used to convert a percentage of home equity into available cash. A reverse mortgage can provide seniors financial independence and the ability to age longer in their home. Reverse mortgage funds are commonly used for one or more of the following:
- to supplement a portion of daily living costs
- to pay off high debts in order to reduce unaffordable monthly living costs so affordable again
- to pay for home care costs
- to pay for home repairs and structural adaptations
- to keep funds available for emergencies
- for access to credit when other forms of credit are unavailable
- for an added option to a poorly performing financial portfolio
Qualifying for a Reverse Mortgage
Besides the age and residency qualification, borrowers go through a financial assessment with their lender, and they must acquire the FHA required HECM counseling certificate. ACCC is a Massachusetts and HUD-approved provider of the counseling and certificate.
To schedule an appointment please call 1-866-826-7180.