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Housing

Don't wait. If you are feeling uncomfortable with the situation, your mortgage holder may feel that way too. Call right away for a free consultation. We can review your current situation and do a follow-up with a recommended course of action. The sooner the better.

CCCS has a variety of measures we can recommend you do, depending on your specific situation. We are a trusted agency with many financial institutions and when they know you are working with us, they know you have a commitment to restore your financial position and are more willing to work with you. Your free consultation will give you a better idea of the specific measures we recommend you take.

A Home Equity Conversion Mortgage, also known as a Reverse Mortgage, allows a person 62 or older, who lives in their home at least six months of the year, to convert a portion of the equity in their home into cash without having to sell their home. This is a loan against the equity in the home and does not require a monthly payment. When considering a reverse mortgage, it is important that the homeowner has enough information to make the decision. For example - 

  • Homeowner still owns their home

  • Title and deed stays in home owners name

  • Eliminates the current mortgage/ home equity if there is one

  • Any liens against the property have to be satisfied

  • After any liens have been paid off, the homeowner can use the balance of the funds however they choose. Be careful when spending these funds because you never know when a home repair or update will need to be done or a medical expense will come along. Investing the funds can be risky.

  • The homeowner is still responsible for taxes, insurance and upkeep of the home. If these items fall delinquent, the servicer can call the loan immediately due and payable. •The loan does not require a monthly payment and becomes due when the last surviving spouse is no longer able to live in the home, passes away or the home is sold. Also, if the homeowner defaults on their responsibilities.

  • The home owner will never owe more than the house is worth. There are several options that the homeowner has to receive the additional funds available to them– lump sum, monthly disbursement of a set amount, tenure, or line of credit. Our office offers appointments to discuss eligibility for the reverse mortgage. If you would like to learn more, please give our office a call and a client support representative will be glad to assist you.