Nationwide reverse mortgage counseling intermediary the National Council on Aging today today released a new reverse mortgage guide book for consumers considering a reverse mortgage loan in retirement.
The revamped “Use Your Home to Stay at Home” booklet, which is the official reverse mortgage consumer booklet approved by the Department of Housing and Urban Development, reviews pros and cons of reverse mortgages and is the booklet distributed to all consumers who go through the mandatory reverse mortgage counseling that is required of any borrowers considering getting the loan.
“Use Your Home to Stay at Home™ is an older homeowner’s best resource when it comes to examining whether a reverse mortgage is right for them,” said Amy Ford, director of NCOA’s Reverse Mortgage Counseling Services Network. “Along with reverse mortgage counseling from a HUD-approved counselor, the guide is a trusted source of information for older adults to understand their options before they commit to a loan.”
Changes to the guide include additional notes with regard to the need by borrowers to keep the home in good repair and pay property tax and insurance; a note on HUD’s clarification of its non recourse policy as announced in Mortgagee letter 2011-16; as well as an updated online calculator, updated potential borrower scenarios and new links for updated resources.
In addition to loan information for the consumer, the booklet also includes statistics on costs of long term care such as the national average for a nursing home stay at $200-$220 per day and provides answers to questions such as “how long will the loan last?”
“Reverse mortgages can be a useful piece of the puzzle when it comes to helping older adults make ends meet and stay independent as long as possible,” Ford said. “However, they’re not for everyone. It’s critical that older homeowners and their families get unbiased counseling and information when considering whether to tap into their biggest asset.”
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