Help for Seniors:
If you are a homeowner who has reached the age 62 or older and need more income to meet your financial needs, then a reverse mortgage may be the answer. A reverse mortgage is a loan against your home equity providing you with cash advances and require no repayment until a future time.
The Home Equity Conversion Mortgage, also referred to as a HECM, is the only reverse mortgage insured by the US Federal Government. The Federal Housing Association requires a counseling session before you can apply for a HECM loan. Our HUD certified HECM Counselors provide a face-to-face counseling session to explain the pros and cons of this complicated loan. The session will provide you with all the information you need on how a reverse mortgage works, cost involved, payment options, an analysis of your financial situation, other options available and all the necessary information to make an informed decision. After the session you will be provided a certificate of completion which is required by your lender for a HECM loan application.
There is a $125 fee for the Counseling Session which will be paid out of your closing costs.
To Schedule an appointment call 845-225-8493 ext. 205 or ext. 210.