Reverse Mortgage Counseling

A reverse mortgage is a loan that uses your home as collateral, but does not require monthly payments.  If you are 62 or older, and you have equity in your home, you may qualify for a reverse mortgage that would allow you to access funds from your home in the form of:

• A line of credit that lets you decide when and how much is utilized
• A lump sum paid to you in a single payment
• A regular, monthly cash advance; or
• A combination of these options

Regardless of which method you choose, reverse mortgages do not require repayment until you or your co-owner move, sell your home, or no longer live at the home. This makes the option an attractive choice for seniors who want to stay in their homes, but have limited income and need funds for everyday living, or specific expenses that are out of reach, such as a home repair.

Qualifying for a reverse mortgage is also different than a traditional mortgage. Your age, the value of the property, and the amount you owe on an existing mortgage are important when determining how much you could potentially borrow through a reverse mortgage.

Get expert Advice on Reverse Mortgages.

Meeting with one of our reverse mortgage counselors is the first step in deciding if this program is right for you. As a protection for seniors, HUD requires guidance from a certified counselor for reverse mortgage borrowers, and the HomeOwnership Center of Greater Dayton is the only certified reverse mortgage counseling agency in the region.

We realize this can be overwhelming. We know there is a lot of the information available to you, and we will walk you through the entire process from start to finish, making sure you understand everything. We are here to help. 

Note that there is a charge of $125 for a Reverse Mortgage Counseling appointment. Download the Reverse Mortgage Fee Policy.

If you are not familiar with the program, download the National Council on Aging’s free Reverse Mortgage booklet today.

Call today to schedule your appointment at:

937-853-1600

Or, you can begin online by clicking the button below.