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A reverse mortgage allows homeowners to borrow against their home equity without having to repay the loan as long, as the home is their principal residence.
But reverse mortgages can be very confusing. A number of factors must be considered before applying for this type of loan.
SNAP Counselors provide detailed information about the Home Equity Conversion Mortgage (HECM), also known as a Reverse Mortgage for Senior Citizens.
Eligibility
- Counseling is available to all residents of eastern Washington over 62 years of age.
- Loans are based on home equity.
Call 456-7106 to schedule an appointment.
Counseling by phone can be arranged for households outside the Spokane area or for those requesting reasonable accommodation.
Links
Additional information about reverse mortgages can be found at AARP's website:
http://www.aarp.org/revmort/
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