Who Would Benefit from Reverse Mortgages? Get Answers from Lutheran Social Services, Offering Free Counseling for a Limited Time
I know an older couple that have a reverse mortgage. They explained what it did for them and it sounds like a great deal. However, it's not for everyone and there is a lot of variables to consider. If you want to learn more about reverse mortgages and are wondering if it would be a way to make living more affordable for your parents or maybe your grandparents you should check this out. Lutheran Social Services is offering free reverse mortgage counseling for a limited time.
According to LSS, if you are 62 or older and most of your money is invested in your home, reverse mortgage might be for you. Although, they say that it isn't for everyone, there are a lot of pros and cons to consider.
Before seniors can take on a reverse mortgage, they are required to receive reverse mortgage counseling from an approved provider through the U.S. Department of Housing and Urban Development (HUD).
Ashley Hagelin, reverse mortgage counselor with LSS Financial Counseling says:
“The reverse mortgage process can be very confusing,” Hagelin explained. “A HUD-approved housing counselor helps individuals consider all of the ins and outs of reverse mortgages. And, having an impartial third party weigh in on a major financial decision like a reverse home mortgage can really help seniors make the best and most informed decisions for their unique circumstances.”
Thanks to special funding through September, LSS Financial Counseling is able to waive the reverse mortgage counseling fee – which normally averages $125. Equally important, the counseling helps homeowners to know all of their options and be aware of possible scams.
A reverse mortgage allows seniors to live in their own home with no monthly mortgage payments, while using the equity in their home to pay for other daily living costs. However, there are downsides include high closing costs, and the loss of equity over time. In addition, homeowners still required to pay the cost of property taxes, home insurance, and property repairs.
LSS makes it convenient with reverse mortgage counselors are available in person or by phone. For more information or to make an appointment with a certified reverse mortgage counselor, call LSS Financial Counseling at 1.888.577.2227. But hurry, the free counseling is only offered through September.