HAVE YOU CONSIDERED OTHER STRATEGIES TO SUPPLEMENT YOUR RETIREMENT INCOME?
Do you qualify for public or private benefits available to low-income people with Medicare?
Borrowers will learn if they are eligible for grant money or other financial assistance during reverse mortgage counseling by using 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?
Homeowners 62 and older can use the value of their home in retirement in several ways, such as renting out a room or sharing their home, refinancing an existing mortgage, getting a home equity loan or home equity line of credit, selling the home, selling the home privately and renting it back for a long time, and so on. Before making a choice, you should think carefully about the pros and cons of each option.
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 answer any additional questions about the loan.