The National Reverse Mortgage Lenders Association has posted free guides on its website to help senior homeowners considering a reverse mortgage.
The free guides, posted to NRMLA’s consumer education website, reversemortgage.org, explain the benefits and responsibilities of this type of home equity loan used by more than a million homeowners to age in place.
“Part of our mission as an association is to educate consumers about the pros and cons of a reverse mortgage by being transparent about how the loan works,” says Peter Bell, president and CEO of NRMLA, in a release. “The new consumer guides are another way to provide reverse mortgage borrowers with information about loan terms, guidance for working with the lender after the loan is closed, and the process for repaying the loan when it comes due.
“We consulted professionals from all areas of the industry to ensure the information we are sharing is clear, comprehensive, and responsive to the most common questions posed by borrowers and their families,” Bell adds. “We hope to see a broad adoption of the guides by policy makers, consumer advocates, and other professionals whose clients can benefit from learning more about reverse mortgage loans.”
The three free guides are titled, “Reverse Mortgage Self-Evaluation: A Checklist of Key Considerations,” “What You Need to Know About Your HECM After Closing,” and
“What Do I Do When My Loan is Due?”