The National Council on Aging announced last week the availability of a new national toll-free hotline offering reverse mortgage counseling to older homeowners.
Reverse mortgages allow seniors to take out a portion of their home equity and continue to live in their homes.
Consumers considering a reverse mortgage, such as the FHA Home Equity Conversion Mortgage, are required to receive counseling from one of nine government-approved agencies.
Counselors will work with older homeowners to determine the costs and benefits of a reverse mortgage and to help them decide if the option is appropriate for their situation. Additionally, counselors identify benefits and other services that can help older homeowners pay for basic needs and allow them to continue living in their homes.
“Thousands of older homeowners use counseling to decide if a reverse mortgage is right for them,” Amy Ford, the director of home equity initiatives at NCOA, which also offers a number of other resources to help seniors improve their economic security, said. “We’re proud to offer this service as a way to help seniors achieve lasting economic security and independence.”