EMPOWERING SENIORS: NAVIGATING REVERSE MORTGAGES WITH CONFIDENCE
What is a Reverse Mortgage?
A reverse mortgage enables senior homeowners, aged 62 or older, to convert their home’s equity into available cash without making monthly payments. You apply to a reverse mortgage lender, who advances the loan based on your home's equity. The amount of money you are eligible to receive depends on your home’s equity and your age at the time of the loan application.
Ready to schedule your counseling?

Contact us at (407) 628-4832 extension 2002 or 1 (800) 803-6190. You can also [download the H.E.L.P. CDC Pre-Counseling Packet].
In addition, please check out the following resources:
- Reverse Mortgage Facts
- What is a HECM?
- Eligibility Requirements
- Why Do I Need Counseling?
- Additional Resources
- Repayment: The loan balance does not need to be repaid as long as the senior homeowner lives in the home. The loan can be paid off at any time through the sale of the property or prepayment of the loan.
- Estate Ownership: The estate can retain ownership of the property and must pay off the loan in full, or the property can be sold to an unrelated party for the lesser of the unpaid mortgage balance or 95% of the appraised value.
With a reverse mortgage, you:
- Remain the owner of your home
- Continue to pay property taxes and homeowner’s insurance
- Are responsible for maintaining the home in good condition
A Home Equity Conversion Mortgage (HECM) is a reverse mortgage insured by the Federal Housing Administration (FHA) and administered by the Department of Housing and Urban Development (HUD). It can be used for any purpose.
- Homeowner aged 62 or older
- No income or credit eligibility requirements
- The home must be your primary residence
- Own your home outright or have a low mortgage balance that will be paid off at closing with the proceeds from the reverse mortgage
- Most types of homes are eligible, including single-family and 1-4 unit homes (one unit must be occupied by the borrower)
- Condominiums and manufactured homes must be HUD-approved and meet FHA requirements
Reverse mortgage counseling is required by Section 255 of the National Housing Act to ensure that people are not taken advantage of in any way. One-on-one counseling allows you to speak with an independent third-party who provides unbiased information about the reverse mortgage process.
Your H.E.L.P. CDC Reverse Mortgage Counselor will:
- Discuss your goals for a reverse mortgage
- Explain the different options available to meet your needs
- Answer all your questions to ensure you have a clear understanding of the process
Schedule an appointment directly with our counseling agency. Your lender cannot initiate or participate in the counseling session. When you are ready to schedule your counseling, please contact us at (407) 628-4832 extension 2002 or 1 (800) 803-6190. You can also [download the H.E.L.P. CDC Pre-Counseling Packet].
HUD encourages you to learn as much as possible about your options before deciding on a reverse mortgage. Here are some resources to H.E.L.P. you learn more:
- AARP’s web site at http://www.aarp.org/money/credit-loans-debt/reverse_mortgages/ provides more information on reverse mortgages and calculators that will provide general estimates of the amount of money you might receive from a reverse mortgage. You may also contact AARP at 1 (800) 424-3410.
- The National Reverse Mortgage Lenders Association provides consumer information on their website at http://www.reversemortgage.org/default.aspx and can be reached by calling (866) 264-4466.
- Reverse Mortgage Calculators:
Take control of your financial future with confidence. Our Reverse Mortgage Counseling program is here to provide you with the knowledge and support needed to make the best choices for your retirement.