Advice For Senior Citizens from the National Council on Aging

The decision to choose a reverse mortgage is a big one and one that should come with careful consideration. The National Council on Aging (NCOA) offers  help for older adults who wish to examine their home equity options in an effort to stay at home.

A reverse mortgage allows homeowners aged 62+ to convert a portion of their home equity into cash while they continue to live at home for as long as they want and are able. In order to apply for a reverse mortgage, applicants must first get counseling from a government-approved agency like the Northpoint Mortgage Company for example. The National Council on Aging’s Reverse Mortgage Counseling Services Network is one of four national counseling organizations approved by the U.S. Department of Housing & Urban Development.

Their counselors are exam-qualified aging services professionals who can help individuals:
* Evaluate the pros and cons of a reverse mortgage for your situation.
* Apply for public and private benefits that can help you pay for needs like home energy, meals, and medications.
* Find services in your community that can help you stay independent longer.

To schedule a counseling session, call NCOA toll-free +1.800.510.0301  There is no fee unless you choose to apply for a reverse mortgage. The NCOA also waives the $125 counseling fee for older adults who:
* Are facing financial challenges such as foreclosure.
* Have modest incomes — under $20,000 for single homeowners and under $30,000 for couples.

The NCOA also offers a free booklet you can download outlining the pros and cons of reverse mortgages on their website at where a wealth of information for senior citizens on a variety of subjects can be found. If you live in Houston, your local houston real estate appraiser can help you get all the information you need.

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