Reverse Loan Guide or call Bob Heckler at (512) 328-2225.
If you decide a reverse mortgage is right for you, you have still more decisions to make, including what loan program to use. The U.S. Department of Housing and Urban Development’s home-equity conversion mortgage (HECM) is the only reverse mortgage insured by the federal government, but loan values are capped based on typical home prices in your area.
When you shop, you have one thing going for you: You have to meet with a counselor before you can apply. That person will spell out the pros and cons, as well as the alternatives. You can ask me, Bob Heckler by sending me an email to bheckler@reverseloanguide.com. Or call me at (512) 328-2225.
To find a counselor and learn more about these loans, contact the AARP Foundation’s Reverse Mortgage Education Project (800-209-8085; aarp.org/revmort). When choosing a lender, stick with specialists affiliated with the National Reverse Mortgage Lenders Association (reversemortgage.org).
Counseling means that closing on your reverse mortgage could take up to three months, but considering that this loan could provide financial security for a lifetime, it’s worth the wait.
