A reverse mortgage or Home Equity Conversion Mortgage (HECM) allows senior homeowners 62 years old and older to convert a portion of their home equity to cash and supplement their income while they continue to live in the home as long as certain loan obligations are met. The HECM is only available through an FHA-approved lender.
HUD-certified counselors are available at CHOEDC to help seniors make informed decisions by explaining how reverse mortgages work, payment options, costs, tax implications, and the pros and cons of utilizing the reverse mortgage program. Interested in finding out if a reverse mortgage is right for you? Contact Nathan Farrior at (919) 599-1631 for more information.
Please note that CHOEDC or its counselors are not permitted to receive direct referrals or money from reverse mortgage lenders.
There is a one-time counseling fee that can be paid here through PayPal (there is an option to pay via credit card if you do not have a PayPal account).