LSS Financial Counseling Service
Reverse Mortgage Counseling
LSS Financial Counseling Service - Duluth
424 W Superior St, Ste 600, Duluth, MN, 55802
Distance: 1455 Miles
Federal Housing Administration (FHA)-backed reverse mortgages are called Home Equity Conversion Mortgages (HECM). In order to obtain a HECM, applicants are required to receive reverse mortgage counseling from a Housing and Urban Development (HUD)-approved reverse mortgage counselor. The counseling provides guidance on the options available under a reverse mortgage.
This agency has HUD-approved HECM counselors who provide the required consumer information sessions.
Offers impartial education and guidance to help you understand the pros and cons of obtaining a reverse mortgage
They offer counseling by phone or in-person counseling at their Minnesota office locations.
- Older adults
* Must be a Minnesota resident and homeowner who is 62 years of age or older
* Own your home outright or have a mortgage balance that can be paid off at closing with proceeds from the reverse mortgage or other personal funds
* Live in the home as your primary residence
Free or low cost
|Toll Free||(888) 577-2227|
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BH-3700.3200HUD Approved Counseling Agencies Definition
Agencies funded by the federal Office of Housing and Urban Development to provide prepurchase and mortgage default counseling, home equity conversion (reverse mortgage) counseling and information about the HUD rent assistance program for current and prospective purchasers and tenants.
LH-4000.7000Reverse Mortgage Programs Definition
Programs that make an arrangement which allows older adults who have equity in their homes to obtain cash from their homes without selling them in order to pay for home health care and other needed services and avoid institutionalization (or to use for other purposes). The individual may either obtain a reverse annuity mortgage which provides an annual income for the individual and may also include a lifetime tenancy, or sell and lease back his/her home on a basis that guarantees lifetime tenancy. The institution providing the annuity receives title to the house or cash from the sale only when the older person dies or moves away. In the sale-leaseback arrangement, the title to the house is transferred to the lender immediately. Most of these programs provide counseling regarding the general benefits of reverse mortgages, and some may evaluate an individual's personal financial situation and recommend a reverse mortgage if it would be to the person's advantage.