A reverse equity mortgage is a financial product available to homeowners age 62 and older to use the equity in their home to access immediate cash or provide a cash flow over their lifetimes. Homeowners wishing to enter into a reverse equity mortgage are required by Federal and State regulations to complete a counseling program sponsored by an approved counseling agency.
Reverse Equity Mortgage Counseling agencies are approved by the U.S. Department of Housing and Urban Development (HUD) and the Commonwealth of Massachusetts Executive Office of Elder Affairs (EOEA). A reverse equity mortgage may not be appropriate for every senior wishing to access cash and therefore a major portion of the counseling investigates other means to reduce expenses, access additional income or programs, and/or obtain grants.
The Plymouth Redevelopment Authority has suspended Reverse Equity Mortgage counseling at this time.
Contact us to find a Counseling Agency near you.
- Housing Assistance Corp.
- American Association of Retired Persons (AARP)
- Executive Office of Elder Affairs