Like with any financial product, it is essential that you fully understand your options before you move forward with a reverse mortgage loan. The reverse mortgage resources below can help you with your research.
The National Council on Aging created this reverse mortgage booklet. It is considered the official reverse mortgage consumer booklet approved by the U.S. Department of Housing and Urban Development (HUD). It provides an overview to help senior homeowners understand and evaluate their options.
This article from the Consumer Financial Protection Bureau explains what a reverse mortgage is and provides a discussion guide to help you talk about the loan with your family.
The Federal National Mortgage Association (Fannie Mae), created a reverse mortgage resource to help borrowers understand their responsibilities when getting a reverse mortgage and how to avoid foreclosure.
This handbook discusses how a reverse mortgage may be able to help you transition into retirement while maintaining your standard of living. It provides information to help you consider all of your financial options so that you can make the right decision for your future.
This article will help you find a HUD-approved counselor and set up an appointment. HUD requires all reverse mortgage borrowers to go through a counseling session before getting their loan. In the counseling session, you will discuss eligibility requirements, financial implications, and the loan obligations.
The National Reverse Mortgage Lenders Association (NRMLA) created this guide to help borrowers understand what to expect after the reverse mortgage closing. After you close your reverse mortgage, you will maintain contact with your loan servicer to receive your payments, maintain the loan obligations, and learn of any program changes.