Reverse Mortgage Counseling
Use Your Home to Stay in Your Home
A reverse mortgage is available to homeowners 60 or 62 and older, depending on the type of reverse mortgage obtained. This product allows homeowners to convert part of the equity in their homes into cash. NeighborWorks® Housing Solutions (NHS) has certified counselors ready to help you understand and determine whether pursuing a reverse mortgage with a lender is the right decision for your situation. (Please note: NHS does NOT fund reverse mortgages.)
How a Certified Counselor Can Help
If you are interested in pursuing a reverse mortgage, contact us to reach a Certified Reverse Mortgage Counselor and set up an appointment.
At your personalized counseling session, you’ll learn what all of your options are and walk away with an understanding of how a reverse mortgage may work for your situation.
Once you successfully complete your counseling session, and have met the required program criteria, our counselor will provide you with a Reverse Mortgage Certificate, required by Reverse Mortgage lenders, which is good for 180 days from the counseling date.
Reverse Mortgage loans are heavily regulated. Anyone seeking a reverse mortgage must have a counseling session with a certified Reverse Mortgage Counselor. And in Massachusetts, that counseling session MUST be in person.
NHS charges a counseling fee of $175 to be paid at the time of the counseling session unless the homeowner’s income is less than 200% of the poverty level based on Area Median Income in which case the counseling fee would be invoiced and paid out of the Reverse Mortgage loan proceeds at closing.
Call us today at 617-770-2227, ext: 344.
Or email us to schedule your reverse mortgage counseling session.