Reverse Mortgage Counseling
Home Equity Conversion Mortgage or “Reverse Mortgage” Counseling
Through Home Equity Conversion Mortgage (HECM) counseling or reverse mortgage, HOC staff assist seniors who are interested in using the equity in their home to meet the high cost of living in Ventura County. The HOC Counselor conducts a one-on-one session with individuals to ensure they understand the financial implications of entering into a HECM. The session also covers other options for use of home equity if they decide not to enter into this type of mortgage.
To be considered for a reverse mortgage, HUD’s Federal Housing Administration requires that you participate in a counseling session with an approved nonprofit housing counseling agency. At completion of the session, the counselor will issue you a certificate that must be provided to the lender you choose to work with. At Cabrillo we have counselors certified by HUD who specialize in helping consumers, 62 years of age or older, explore and evaluate this financial tool.
There are many factors to consider before deciding whether an HECM is right for you. During your reverse mortgage counseling session, your counselor will work with you to help explain how reverse mortgages work, the financial and tax implications, payment options and costs associated with a reverse mortgage. Your counselor will also highlight available resources that you may find useful in meeting your financial needs. Counselors are not lenders or financial advisors. Your counselor’s goal will be to help you understand your options so you can make an informed decision.
Reverse Mortgage Counseling FAQs
Do you have questions about Reverse Mortgage Counseling? Please Visit our FAQ page with a dedicated section to answer your important questions. Learn More