Updated Reverse Mortgage Guide Helps
Older Homeowners Stay at Home
NCOA updates free booklet on reverse
mortgages approved by HUD, required reading for seniors
Jan. 22, 2013 – The National Council on
Aging (NCOA) today announces the availability of the 2013
version of Use Your Home to Stay at Home, the official
reverse mortgage consumer booklet approved by the U.S.
Department of Housing & Urban Development (HUD).
Use Your Home to Stay at Home is a
user-friendly guide to help older homeowners understand the
pros and cons of a reverse mortgage. Federal law requires
that all individuals who are considering a reverse mortgage
receive unbiased counseling by a HUD-approved counseling
agency and receive a copy of the NCOA guide.
Also known as Home Equity Conversion
Mortgages (HECMs), reverse mortgages allow homeowners aged
62+ to convert a portion of their home equity into cash
while they continue to live at home for as long as they’re
able. Over the past 20 years, a growing number of older
homeowners have used this financial tool.
Today, most borrowers use the loans
for immediate needs, such as paying off their existing
mortgage or other debts. About 33% want to supplement their
monthly income, so they can afford to continue living
independently in their own home longer.
“Use Your Home to Stay at Home is an
older homeowner’s best resource when it comes to examining
whether a reverse mortgage is right for them,” said Amy
Ford, director of NCOA’s Reverse Mortgage Counseling
Services Network. “Along with reverse mortgage counseling
from a HUD-approved counselor, the guide is a trusted source
of information for older adults to understand their options
before they commit to a loan.”
The 2013 version of Use Your Home to
Stay at Home reflects the latest statistics and rules
related to reverse mortgages. The guide can be downloaded
for free at
www.ncoa.org/RMBooklet. Housing and reverse
mortgage counselors can order multiple copies at
“Reverse mortgages can be a useful
piece of the puzzle when it comes to helping older adults
make ends meet and stay independent as long as possible,”
“However, they’re not for everyone.
It’s critical that older homeowners and their families get
unbiased counseling and information when considering whether
to tap into their biggest asset.”
As the only national aging organization
that provides reverse mortgage counseling, NCOA brings a
unique approach to helping older homeowners examine all of
their options when it comes to staying independent. HUD
requires that all counselors use NCOA’s free, confidential
service to determine if reverse mortgage clients are
eligible for an array of benefits that could help them pay
for everyday expenses like food, medicine, and utilities.
In addition, NCOA offers other tools to
help older homeowners make the most of their home equity, so
they can stay economically secure while maintaining their
independence for as long as possible. These include:
● Home Equity Advisor (www.HomeEquityAdvisor.org):
Developed with a grant from the FINRA Investor Education
Foundation, this website offers a free Quick Check for older
homeowners who want to explore how they can use their home
equity to meet their retirement goals and avoid scams.
● Reverse Mortgage Counseling
Services Network (www.ncoa.org/RMCounseling):
NCOA’s trained counselors help older adults understand the
costs and features of different types of reverse mortgage
and evaluate the pros and cons for their individual
situation. They also discuss other options, including public
and private benefits, which can help seniors stay
independent longer. HUD has approved NCOA as one of nine
reverse mortgage counseling intermediaries.
The National Council on Aging is a nonprofit service and
advocacy organization headquartered in Washington, DC.
NCOA’s mission is to improve the lives of millions of older
adults, especially those who are vulnerable and
disadvantaged. NCOA is a national voice for older Americans
and the community organizations that serve them. It brings
together nonprofit organizations, businesses, and government
to develop creative solutions that improve the lives of all
older adults. NCOA works with thousands of organizations
across the country to help seniors find jobs and benefits,
improve their health, live independently, and remain active
in their communities.
www.NCOA.org | www.facebook.com/NCOAging
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