Is
a Reverse Mortgage safe?
Reverse Mortgage
loans were designed by the U.S. Department of Housing and Urban
Development (HUD), Fannie Mae and other private institutions. Most
of the Reverse Mortgage loans made today are insured by the Federal
Housing Administration (FHA) which is backed by the U.S. Government.
All borrowers
are required to obtain HUD approved, third party counseling prior
to applying for a Reverse Mortgage. This counseling is free and
can be very helpful in answering any questions you have.
The goal of
the counseling is to:
- Further
educate the borrower about the specifics of a reverse mortgage
- Explain
the reverse mortgage process
- Explore
other options that may be available to you
- Discuss
any financial or tax implications
- Review
associated costs and fees
- Discuss
the role and relationship between the borrower (homeowner) and
the lender, and/or other professional advisors.
We also encourage
you to review the independent consumer information from these well
known National Organizations:
Toll Free: 1-800-690-2836
Main: 1-415-946-8202 ● Fax: 1-415-946-8230
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