Talk to a Reverse Mortgage and HUD certified housing counselor!
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 time of service (options available for low-income clients).
What is a Reverse Mortgage?
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. Unlike a traditional mortgage, though, a reverse mortgage is repaid when the borrower(s) no longer live 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.
Know Before You Owe! This informational video from the Consumer Financial Protection Bureau provides a quick explanation of what a reverse mortgage is.