Reverse Mortgages

A home-owning elder who needs in-home care but does not have enough resources to pay for it may want to consider a reverse mortgage. These financial instruments have been abused so care must be taken when applying for one. Funds may be available even if the home has a mortgage on it. Resources about Reverse Mortgages for seniors include:

United States Consumer Financial Protection Bureau

consumerfinance.gov

This is a federal reverse mortgage watchdog agency. Has several publications on reverse mortgages.

National Council on Aging

ncoa.org

Has a free, 32 page downloadable booklet on reverse mortgages available. It was developed with the federal Department of Housing and Urban Development.

National Reverse Mortgage Lenders Association

nrmlaonline.org 

Has free booklets on various aspects of reverse mortgages including a checklist of key considerations and information on recognizing and reporting elder financial abuse.

State of Florida 

www.myfloridacfo.com 

Specifically see the “On Guard for Seniors” site about Reverse Mortgages and what to look out for.