Reverse Mortgages
Homeowner Resources
Are you interested in finding out if a reverse mortgage is right for you?
Talk to one of our HUD-certified housing counselors today!
Call our reverse mortgage hotline at 216-412-3996.
We can provide more information, link you to a reverse mortgage counselor near you, or schedule an appointment with you to discuss your situation in more detail. CHN's reverse mortgage counseling fee is $150*, collected at the time of service.
*Options available for low-income clients.
What is a reverse mortgage?
A reverse mortgage is a way to make your own investment work for you. With a reverse mortgage (also known as a Home Equity Conversion Mortgage), you borrow money against your home as a guarantee for the loan, as you would for a traditional mortgage. Most borrowers use this loan to help pay for living expenses. But unlike a traditional mortgage, a reverse mortgage is repaid when the borrower no longer lives in the home. Your loan balance will go up over time as fees and interest are added to the loan balance each month, which means your equity decreases.
Borrowers must be at least 62 years old and have substantial equity in their home. You are still responsible for property taxes and homeowner’s insurance.
Ready to start now?
If you would like help completing this application, please call 216-412-3996.
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