|
Reverse Mortgage
loans were designed by the U.S. Department of Housing and Urban
Development (HUD), Fannie Mae and other private institutions.
Most of the Reverse Mortgage loans made today are insured by the
Federal Housing Administration (FHA) which is backed by the U.S.
Government.
All borrowers are required to
obtain HUD approved, third party counseling prior to applying
for a Reverse Mortgage. This counseling is free and can be very
helpful in answering any questions you have.
The goal of the counseling is to:
- Further educate the borrower
about the specifics of a reverse mortgage
- Explain the reverse mortgage
process
- Explore other options that
may be available to you
- Discuss any financial or tax
implications
- Review associated costs and
fees
- Discuss the role and
relationship between the borrower (homeowner) and the lender,
and/or other professional advisors.
|
