Reverse mortgages are available to homeowners who are within 6 months of turning 62 years of age or older and have equity in their home.
AARP.com defines a reverse mortgage as:
“A loan against your home that you do not have to pay back for as long as you live there. With a reverse mortgage, you can turn the value of your home into cash without having to move or to repay the loan each month. The cash you get from a reverse mortgage can be paid to you in several ways:
No matter how this loan is paid out to you, you typically don't have to pay anything back until you die, sell your home, or permanently move out of your home. To be eligible for most reverse mortgages, you must own your home and be 62 years of age or older.”
(For more information from AARP about reverse mortgages, click here. )
Because the decision to use your home’s equity is an important one, NC state law requires reverse mortgage counseling prior to obtaining a reverse mortgage. OnTrack WNC's reverse mortgage counselor can assist you with this counseling and now offers both face-to-face or phone counseling.
During a reverse mortgage counseling session our certified counselor will provide an unbiased explanation of the different aspects of a reverse mortgage, review loan estimates, and evaluate the benefit of a reverse mortgage for your particular financial situation. Upon completing the counseling session, you will receive the required certificate for the lender to complete a reverse mortgage loan application.
Call our office at 255-5166 or 1-800-737-5485 to schedule an appointment with one of our certified reverse mortgage counselors.
Want to learn more about Reverse Mortgages?
We have found that some seniors simply want to learn more about the basics about Reverse Mortgages, so we developed a FREE education class. This class explains reverse mortgage concepts, eligibility, possible fees, terms, options and restrictions on receiving/using the home equity, loan payback. In addition, there will be time for questions and answers. Click here for more information and the education schedule.