Aging in Place: Overview of NID Housing Reverse Mortgage (HECM) Counseling and Education

Reverse mortgage counseling is designed for seniors who wish to convert equity in their homes into income that can be used to pay for expenses, such as home improvements, or medical costs. HUD keeps a unique reverse mortgage counselor roaster, and only individuals on that roster may provide the required counseling to a senior interested in a reverse mortgage. NID Housing has multiple individual counselors on that roster, and we can help you.

Reverse Mortgage Basics

  • How does it work? The lender makes payments to the borrower based on a percentage of the accumulates home equity.
  • When does it need to be repaid? When the borrower sells the home, permanently moves out, or dies.
  • Who is eligible? Seniors age 62 and older who own homes outright or have small mortgages.
  • How can the money be used? The loan proceeds can be used however the borrower wishes. Seniors typically use loan payments to supplement income, pay for health care expenses, finance home improvements, or pay off debts.

A NID Housing HECM Roster Can:

  • Explain a reverse mortgage and discuss whether it is a suitable option for your needs;
  • Discuss product options;
  • Offer alternative products or services that might more closely suit your needs;
  • Our counselors will never urge, or press, any particular product, service, or provider. Our mission is to counsel or help you make the decision most in your interest, equipped with the necessary information and understanding;
  • If you elect a reverse mortgage, our counselor will issue a certificate upon completion of the counseling verifying the counseling requirement has been satisfied.

Aging in place can help build a legacy of belonging in a community for generations to come.

— Ray Carlisle, Sr., NID Housing President and Co-Founder