When a Reverse Mortgage Is a Great Idea – And When It’s Not

Learn how to tell if it’s the right time to use a reverse mortgage

Home isn’t just where the heart is. It’s also most people’s most valuable asset. As a senior homeowner, you may have sizeable equity built up in your home. Accessing that equity can be beneficial when you’re living on a fixed income in retirement. But it’s important to understand how reverse mortgages work and what the risks are before you borrow.

Reverse mortgage counseling

Many reverse mortgage products, such as Home Equity Conversion Mortgages (HECMs) require you to get counseling before you can borrow. Even if you plan on using a proprietary reverse mortgage that may not require counseling, it’s a good idea to talk to a HUD-certified housing counselor before you borrow.

Consolidated Credit’s housing counseling team is authorized by the U.S. Department of Housing and Urban Development (HUD) to provide reverse mortgage counseling. A member of our team will be happy to provide a one-0n-one counseling session, so you can make sure you are reverse-mortgage-ready.

More reverse mortgage resources