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Thursday, June 28, 2012

Guide to Reverse Mortgages

The Consumer Financial Protection Bureau (CFPB) today released a guide to reverse mortgages with information about their pros and cons.

Reverse mortgages, also called Home Equity Conversion Mortgages (HECMs), are a special type of home loan that allows older homeowners to access the equity they have built up in their homes now, and defer payment of the loan until they pass away, sell, or move out of the home.

Reverse mortgages aren’t for everyone, so it’s important to review alternatives and talk with a housing counselor before obtaining one. In fact, all borrowers are required to receive consumer information free or at very low cost from a certified counselor prior to obtaining the loan. You can find a reverse mortgage counselor online at or by calling (800) 569-4287.

Find  a Reverse Mortgage Counselor
CFPB Guide to Reverse Mortgages (pdf)