Counseling Service

Counseling

Call 305 248 4553 or complete our request form to request counseling.

Our counseling fee is $175.

Trinity Empowerment’s HUD-Certified housing counseling agency offers a team of expert reverse mortgage counselors, qualified by HUD, to provide the counseling needed in order to apply for a reverse mortgage.

Currently, we only provide Reverse Mortgage counseling by telephone or virtually

 

What is a Reverse Mortgage?

A reverse mortgage is a loan against your home that you do not have to pay back for as long as you live there.  You (or your heirs) pay the money back plus interest when you expire, permanently move out of your home, or sell your home.

What is a Reverse Mortgage Good For?

Reverse mortgages can be used for many different purposes, such as:

  • Paying off an existing mortgage so that you can use your income for other purposes
  • Borrowing against the home to help pay for living expenses, home repairs, in-home care, or other needs or desires
  • Planning ahead for retirement by setting up a line of credit that will be there when you need it in the future.
  • Buying a new home

Who is Eligible?

All borrowers must be at least 62 years of age for the HECM loan.

Owners must occupy the home as their primary residence (that means where you live more than half the year).  You can’t do a HECM on a vacation home.

Borrowers must be able to pay their own property taxes, homeowners insurance, and upkeep on the home.

The home does not have to be owned free and clear, but any existing mortgage has to be small enough that it can be paid off using the reverse mortgage.

The house must be in generally good condition, though some repairs may be completed using the money from the loan.

Steps in the Counseling Process

  1. The intake call: Your counselor will gather information she or he needs to prepare personalized documents for you, including your estimated home value, the amount of debt you have on the house, and your thoughts about how you want to use the reverse mortgage. You will also set up your counseling appointment during this call.
  2. The counseling session: Your Reverse Mortgage counselor will discuss the way the program works, the costs and benefits, the options and alternatives, and the long-term implications for you and your heirs. This discussion is tailored to your individual needs and situation. All information shared with the counselor is confidential.
  3. Review of loan estimates: Counselors use software to generate loan estimates, similar to those you receive from lenders (but usually more personalized). The counselor will walk you through those estimates, make sure you understand all the unfamiliar terminology, and discuss costs, including which costs may vary.
  4. Counseling certificate: After the counseling session, your counselor will send you the official HUD Reverse Mortgage Counseling Certificate, which qualifies you to complete a reverse mortgage application with any lender.
  5. Follow-up: A few months after counseling, your counselor will get back in touch to see how things turned out and answer any additional questions or concerns.

Helpful Resources

National Council on Aging: Use Your Home to Stay at Home