Reverse Mortgage Counseling
Is a reverse mortgage right for you? You may be able to use the equity in your home to pay off your existing mortgage or other debt.
Our HUD Approved, HECM Network Counselors will help by providing answers to questions, explaining options, and helping you through the process. We are able to counsel in 48 States over the telephone, or at our office in Augusta, ME.
Borrower Eligibility
- aged 62 and older
- own property and occupy as primary residence
- participate in reverse mortgage information counseling session
- property must meet FHA property standards
- owner must maintain home with needed repairs, property taxes, and insurance
Loan Amount Based On
- age of youngest borrower
- current interest rate
- lesser of appraised value or the FHA lending limit
Some benefits
- Income and credit history are not factors to qualify - only your age and equity available
- Mortgages are insured by the FHA, which has set a loan limit of up to $625,500.
Payment of $125 for your HECM reverse mortgage counseling session may be made by check or money order, debit card, MasterCard® or Visa®, or it may be financed as part of the fees in the loan closing.
For more information, or to schedule a counseling session, contact Kristin Overton by email at koverton@spectrumgenerations.org or by phone at 207-623-0761 or 800-876-9212.
Helpful Links
AARP's Reverse Mortgage
AARP's "Borrowing Against Your Home"
assets.aarp.org/www.aarp.org_/articles/money/financial_pdfs/hmm_hires_nocrops.pdf
HUD (Housing and Urban Development)
HUD's "Top 10 Things to Know if You're Interested in a Reverse Mortgage"
www.hud.gov/offices/hsg/sfh/hecm/rmtopten.cfm
HECM (Home Equity Conversion Mortgage)
Eldercare Locator
