If you are receiving unsolicited phone calls from an entity pretending to be ACCC (a trusted non-profit credit counseling agency), please be assured that ACCC’s policy is NEVER to contact you unless you’ve explicitly requested us to call you. Also be cautious of emails from an unusual or unfamiliar domain. ACCC’s domain extension is @consumercredit.com, and any emails using a different extension should be treated with suspicion.


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What is reverse mortgage

What is reverse mortgage lending?

Reverse mortgage products have become increasingly popular with older homeowners. Because it can be difficult to get clear and unbiased information about reverse mortgage solutions, American Consumer Credit Counseling (ACCC) offers this brief list of FAQs about reverse mortgage products.

What is reverse mortgage lending?

A reverse mortgage loan is in many ways the opposite of a standard mortgage. When buying a home, a homeowner borrows money to purchase a property and makes monthly payments to the lender over time, building up equity in the home. With a reverse mortgage, the homeowner receives monthly payments from a lender, using the equity in their home as security against the loan. When a homeowner sells the property or passes away, the equity in the home is used to pay back the lender.

How do reverse mortgages work?

Reverse mortgages are available only to homeowners 62 years of age or older. These loans were created to help seniors manage finances in their later years more easily, and to allow them to benefit from the years of hard work in paying off their mortgage and building up equity in their home.

What is reverse mortgage lending used for?

The funds from a reverse mortgage can be used to pay for anything the homeowner chooses, but are commonly used for:

  • Helping to pay for daily living costs.
  • Paying off higher debts to improve cash flow.
  • Covering the costs of medical expenses and home healthcare.
  • Making home improvements or repairs, or adapting the home to allow a senior homeowner to remain there longer.
  • Paying for emergencies.

What is reverse mortgage counseling?

In order to qualify for a Home Equity Conversion Mortgage, a type of reverse mortgage that is insured by the US Department of Housing and Urban Development, borrowers must complete a financial counseling session with an approved counseling provider. During the counseling session, borrowers receive comprehensive reverse mortgage information. The counseling session helps to ensure that borrowers understand the requirements of their reverse mortgage product.

What is reverse mortgage assistance from ACCC?

As a nonprofit organization dedicated to providing education, counseling and resources around financial matters, ACCC’s certified housing counselors can provide a wealth of reverse mortgage info as well as federally approved counseling for reverse mortgages.

What is reverse mortgage versus a home equity loan?

With a home equity loan, borrowers must have sufficient income to qualify for the loan and must make monthly mortgage payments. A reverse mortgage has no income requirements and borrowers do not need to make any monthly mortgage payments.

What is reverse mortgage fraud?

Seniors are frequently the victims of fraudulent schemes operating under the guise of a reverse mortgage loan. To avoid becoming the victim of reverse mortgage fraud, do not respond to unsolicited advertisements, except payments for a home you did not purchase, or sign any documents without consulting a financial professional.

Learn more about what is reverse mortgage counseling at ACCC and other housing products including ACCC’s homebuyer education course.

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