Need more income in your golden years? A reverse mortgage may be the answer.
Making ends meet can be a real challenge for you as a senior citizen. If you are a homeowner who has reached age 62 or older, the Home Equity Conversion Mortgage (HECM) - FHA's Reverse Mortgage - may allow the use of your home's equity as a source of income without adding to your monthly debt. In fact, you can use your HECM loan for anything you choose without having to repay your mortgage until the house is sold. Lenders determine whether you qualify for a HECM. The Federal Housing Administration (FHA) requires that you attend a counseling session before you apply for a HECM loan. CCCS of Rochester provides the consumer credit counseling required by the FHA, and we will make sure that you understand all of the reverse mortgage pros and cons.
Reverse mortgage counseling sessions give you all the information you need.
- How a reverse mortgage works
- An analysis of your financial situation
- Payment options and costs associated with a Reverse Mortgage
- Other resources you might find useful in meeting your financial needs
- A review of all of your options so you can make an informed decision
Certificate of participation
When you complete the reverse mortgage counseling session, we will issue you a certificate of participation that is required by your lender for the HECM loan application. Counseling sessions can take place over the phone, or by meeting with one of our certified counselors.
Schedule an appointment
CCCS of Rochester is committed to outstanding customer service. Our Appointment lines are open Monday-Thursday 8am-8pm, Friday 8am-5pm, and Saturday 9am-1pm (EST). Explore our other consumer credit counseling services including debt consolidation and debt management programs, bankruptcy counseling, foreclosure prevention counseling, housing counseling, paying off debts and financial education programs.