Reverse Mortgage Counseling
We can educate you so that you make an informed choice on your options.
NeighborWorks Mountain Country Home Solutions now can assist you with reverse mortgage counseling. Let us educate you regarding features of a reverse mortgage, potential costs, budgeting, and your responsibilities as a reverse mortgage recipient. Counseling is a requirement prior to obtaining a reverse mortgage from any lender and we would be happy to provide that service. Just give us a call at 801-375-5820.
What is a reverse mortgage?
A reverse mortgage is a loan available to homeowners, 62 years or older, that allows them to convert part of the equity in their homes into cash, or just eliminate their mortgage payment if there isn’t enough equity to take cash out.
The product was conceived as a means to help retirees with limited income use the accumulated wealth in their homes to cover basic monthly living expenses and pay for health care. However, there is no restriction on how reverse mortgage proceeds can be used.
The loan is called a reverse mortgage because instead of making monthly payments to a lender, as with a traditional mortgage, the lender makes payments to the borrower.
The borrower is not required to pay back the loan until the home is sold or otherwise vacated. As long as the borrower lives in the home he or she is not required to make any monthly payments towards the loan balance. The borrower must remain current on property taxes, homeowners insurance and homeowner’s association dues (if applicable).
Let NeighborWorks Mountain Country Home Solutions talk to you about a reverse mortgage, as an objective third party, and help you decide whether or not a Reverse Mortgage is right for you.
What is a Mortgage Loan Modification?
A Mortgage Loan Modification is a permanent change in one or more of the terms of your mortgage loan, allows the loan to be reinstated, and results in a payment you can afford. Unfortunately, homeowner’s that attempt to deal directly with their mortgage bank are often declined. Our Loan Modification Team has helped many homeowners successfully achieve a permanent modification and save their homes. We know how to get your loan modified. Let us help you, again, at no charge.
I’m refinancing my reverse mortgage and thought I understood everything. You made it very clear and I learned a lot.
I thought I understood reverse mortgages because my lender explained it to me, but you made it very clear and easy to understand.
Is a Reverse Mortgage Right for You?
Navigating the REAL questions of one of your most important decisions.
Our HUD-Certified Counselors can educate you regarding the features of a reverse mortgage. Counseling is a requirement prior to obtaining a reverse mortgage from any lender. We are happy to provide that service.