Before getting a reverse mortgage, you will first have to meet with an independent reverse mortgage counselor at no cost to you. Your counselor will answer any questions you have, inform you about other alternative options for your unique situation, and help you decide if you even need a reverse mortgage, and if so, which type would be the best fit for you and your needs.
You may also choose to contact the following organizations:
U.S. Department of Housing and Urban
Development (HUD): toll free
Federal Trade Commission (FTC): write to obtain a free brochure, “Reverse MortgagesFast Facts.” Consumer Response Center, FTC
600 Pennsylvania Ave. N.W.
Washington, DC 20580
Or call, (202) FTC-HELP
American Association of Retired Persons (AARP): write to obtain a free guide on Reverse Mortgage borrowing:
Home Made Money
AARP Home Equity Information Center,
601 E. Street N.W.
Washington, DC 20049
Fannie Mae: Call (800) 732-6643 for a free guide, “Money from Home: A Consumers Guide to Reverse Mortgage Options.”