To learn whether a reverse mortgage is right for you, find a reverse mortgage housing counseling agency or call HUD’s interactive voice system at 800-569-4287.
How long does it take to get approved for reverse mortgage?
The first step in the application process is to provide your lender with the certificate issued by your HUD approved reverse mortgage counselor. The entire process generally takes 60-90 days to complete.
Who do I speak to about a reverse mortgage?
Have a problem with your reverse mortgage? If you’re having a problem with your reverse mortgage or having problems getting through to your mortgage servicer, you can submit a complaint online or by calling (855) 411-2372 or TTY/TDD (855) 729- 2372.
What do you need to know about a reverse mortgage?
A financial assessment is required when you apply for the mortgage. As a result, your lender may require a “set-aside” amount to pay your taxes and insurance during the loan. The “set-aside” reduces the amount of funds you can get in payments. You are still responsible for maintaining your home.
Do you have to pay back taxes on reverse mortgage?
Reverse mortgages take part of the equity in your home and convert it into payments to you – a kind of advance payment on your home equity. The money you get usually is tax-free. Generally, you don’t have to pay back the money for as long as you live in your home.
How old do you have to be to get a reverse mortgage?
Reverse Mortgages If you’re 62 or older – and want money to pay off your mortgage, supplement your income, or pay for healthcare expenses – you may consider a reverse mortgage. It allows you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills.
Where can I get counseling for a reverse mortgage?
You can visit HUD for a list of counselors, or call the agency at 1-800-569-4287. Counseling agencies usually charge a fee for their services, often around $125. This fee can be paid from the loan proceeds, and you cannot be turned away if you can’t afford the fee.
