Reverse mortgages should never be entered into lightly.
These are mortgages for those age 62 and up that allow them to pull the equity out of a house without have to sell it. The loan and interest is repaid once the homeowner moves or dies and the house is sold.
The mortgages are so complicated and counterintuitive that homeowners are required to undergo counseling before they can take one out. This often costs money. But the Consumer Credit Counseling Service of Maryland and Delaware, which usually charges $125, is offering counseling for free thanks to funding it has received. The free counseling sessions will continue until this funding runs out. That’s expected to happen sometime in late September.
Fiinde out more at online or schedule a free seession at 866-731-8486.