Do you qualify for public or private benefits available to low-income people with Medicare?
During reverse mortgage counseling, borrowers will find out if they might be eligible for grant money or other financial assistance by utilizing Benefits Checkup, a tool for identifying services, such as housing assistance, tax deferral programs, home repair grants or loans, food stamps, fuel assistance, social services or healthcare.
Did you know there are other ways to tap your home equity?
There are several ways homeowners aged 62 and older can tap into their home’s value during retirement, including by: renting out a room in the house or home sharing, refinancing an existing mortgage, taking out a home equity loan or home equity line of credit, selling the home, selling the home privately and leasing back the property for an extended period of time, and others. Each of these options has its own benefits and drawbacks that should be carefully considered before making a decision.
YOUR NEXT STEPS / COUNSELING
This checklist was created to help you consider whether a reverse mortgage is right for you. Your HUD-approved reverse mortgage counselor can help you to answer additional questions you may have about the loan.