Questions to Ask Your HECM Counselor

What should I discuss with my West Linn Oregon housing counselor if I’m looking at applying for a reverse mortgage?

Below are a few items you should discuss with a housing counselor:

How does a reverse mortgage loan work? Might it be more effective for you to get the funds as a credit line, in monthly installments, or in a one time payment?

Dependent on which of those three standard options you decide on, you might be able to get an adjustable interest rate or a fixed rate. Which will work better for you?

What expenses are you going to have to pay up-front, prior to when you will get the reverse mortgage? A example of typical fees are mortgage insurance, loan origination, a credit report, home inspection, appraisals, and title insurance.

How much will you need to pay in fees each month?

What happens if you have to leave or want to sell the property?

If somebody else is residing in the house with you, can they stay in the house if you passed away or were forced to move into a assisted living facility?

How do you pay your real eOregon property taxes and homeowners insurance?

What other reverse mortgage conditions are usually very important to go over?

If you discussed reverse mortgages with a mortgage provider prior to speaking with a counselor, tell your counselor about that discussion. Did the loan originator propose a specific type of loan?

Did the lender attempt to sell you anything along with the reverse mortgage, or impose any conditions?

Your counselor provides an impartial 2nd point of view.

Tip:

Don’t hide anything from your counselor. Your counselor is there to assist you make the best decision you could, yet they can only do their job if you tell them your full circumstances. You can get reverse mortgage counseling face to face in West Linn Oregon or on the phone.