Do you and your family have questions about reverse mortgages? Find the answers in three new consumer guides from the National Reverse Mortgage Lenders Association.
Reverse mortgages are a versatile financial tool that nearly a million homeowners have used to age-in-place, and for other reasons. However, like any financial product, reverse mortgages should be considered carefully before deciding whether to obtain one.
The National Reverse Mortgage Lenders Association’s free Reverse Mortgage Self-Evaluation poses seven questions and important considerations interested consumers should ask themselves, and think about, before proceeding with a loan application.
The six-page Reverse Mortgage Self-Evaluation: A Checklist of Key Considerations was created to help you consider whether a reverse mortgage is right for you. Your HUD-approved reverse mortgage counselor can help you to answer additional questions you may have about the loan.
The National Reverse Mortgage Lenders Association created, “What You Need to Know About Your HECM After Closing” to answer questions reverse mortgage loan borrowers, and their heirs, may have about their FHA-insured Home Equity Conversion Mortgage, commonly referred to as a reverse mortgage loan. This free guide explains the important role of the Loan Servicer and the rules, guidelines, and timelines that apply to the loan.
The index to this free downloadable guide can be helpful in directing you to a specific answer but we encourage you, your family, your heirs, your financial advisor, your real estate agent, or anyone else that might assist you with your affairs to read through the guide. Keep it handy but remember your best source of information is always your Servicer.
The National Reverse Mortgage Lenders Association created, “What Do I Do When My Loan is Due?,” a free brochure to walk reverse mortgage loan borrowers and their families through the end of the loan process when it is time for the loan to be repaid.