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Reverse Mortgage Counseling

Reverse Mortgage Counseling

According to the U.S. Department of Housing and Urban Development (HUD), a reverse mortgage is a special type of home loan that allows homeowners over the age of 62 to convert a portion of the equity in their home into cash. The equity that has been built up over years of making mortgage payments can be paid to the homeowner. Reverse mortgage counseling is required by all lenders. Certified counselors will educate interested homeowners about a reverse mortgage, discussing the pros and cons of taking one as well as the costs involved and other alternatives.

  1. To get started, you must complete an intake. You may complete an online intake by clicking here. Alternatively, you can call our office to complete an intake at 732-389-2958.
  2. You may download the reverse mortgage counseling packet by clicking here. Please submit the counseling packet via mail or fax. We will contact you after receiving your counseling packet in order to schedule a counseling session.

Mailing Address:

3535 Route 66
Parkway 100
Building 4
Neptune Township, NJ 07754
Phone Number:732-389-2958

Fax Number: 732-922-4100

Frequently Asked Questions

Who is eligible?

Homeowners over the age of 62 who are willing to use their primary residence as collateral. Applicants should have no delinquencies on any federal debt. Property needs to appraise for more than the unpaid principal balance if there is an existing mortgage.

How much can a homeowner receive?

This varies by loan. Some of the contributing factors include the current interest rate, the age of the homeowners and the value of the property.

Is there a fee for counseling services?

The Affordable Housing Alliance charges $200 for reverse mortgage counseling but this can be waived depending on the homeowner’s financial situation and available grant funding

 

 

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