...it is imperative that any senior considering a reverse mortgage fully understand all the mortgage terms and conditions.
Lighthouse Point, FL (PRWEB) May 31, 2012
Debt Management Credit Counseling Corp (dmcconline.org), a 501c3 nonprofit organization (“DMCC”), announced today they have been designated an Approved Housing Counseling Agency by the U.S. Department of Housing and Urban Development (HUD) to provide Home Equity Conversion Mortgage (HECM) counseling. HECM loans, commonly known as reverse mortgages, provide seniors 62 years or older the ability to obtain lump sums or monthly payments utilizing the equity in their homes. HUD approval demonstrates that DMCC has met industry standards and federal guidelines. DMCC offers Reverse Mortgage Counseling face-to-face at its Lighthouse Point office location and over the telephone nationwide.
Reverse mortgages are popular with seniors who have equity in their homes and want to supplement their income or purchase a new home. A reverse mortgage enables the borrower to withdraw some of the equity in their primary residence. The borrower chooses how they want to withdraw the available funds; typically lump sum or monthly. There are many factors to consider with a reverse mortgage and eligibility requirements that must be met. Seniors age 62 or older without a mortgage, or who have paid off a substantial portion of their existing mortgage, may be eligible for the Federal Housing Administration’s (FHA) HECM program. To be eligible for a FHA HECM, the FHA requires borrowers to obtain a certificate from a HUD Approved Housing Agency within six months of applying for a reverse mortgage loan stating they have completed a reverse mortgage counseling session and are aware of the requirements, implications and financing alternatives.
"Reverse mortgages can be very beneficial to retired seniors. However, it is imperative that any senior considering a reverse mortgage fully understand all the mortgage terms and conditions.", said Jason Athas, DMCC Manager of Educational Services. DMCC has certified reverse mortgage counselors that will discuss the prospective borrower’s personal situation and provide the counseling required by the FHA. DMCC counselors are prepared to answer all questions regarding reverse mortgages, including available payment plans and costs. Following the required counseling, DMCC will provide the prospective borrower an official certificate that must be presented to any lender from which they seek a reverse mortgage loan. To schedule an appointment with a DMCC counselor, seniors should call (866) 618-3328 or request to be contacted online at http://www.dmcccorp.org/reversemortgagecounseling. Emergency counseling is provided for those individuals that need a reverse mortgage to cover the cost of a medical emergency or avoid foreclosure.
About Debt Management Credit Counseling Corp.
DMCC is a 501(c)(3) nonprofit organizationcommitted to educating consumers on financial issues and providing personal assistance to consumers overextended with debt. Education is provided free of charge to consumers via seminars, workshops, a proprietary financial literacy program, and a vast array of online and printed materials. Free personal counseling is provided to consumers to identify the best options for the repayment of their debt. Consumers interested in speaking with a DMCC certified credit counselor may call (866) 618-3328 or request help at dmcconline.org. DMCC is a HUD Approved Housing Counseling Agency, is approved by the U.S. Trustee to provide bankruptcy counseling and education, and has an A+ rating with the Better Business Bureau.