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Reverse Mortgage Counseling:
Determining Which Type of Reverse Mortgage May Work for You

Deciding if a reverse mortgage is the right option and determining which type of reverse mortgage is most suitable can be a difficult decision. The first step is to contact a reverse mortgage consultants at Cobalt Mortgage. A reverse mortgage consultant can help you understand the process and provide a quote package that will include an estimated worksheet. The worksheet will help you understand the different options available. It’s important to compare the products, costs, interest rates, loan amounts, and proceeds.

The next step is to schedule an appointment with an independent HUD-approved reverse mortgage counseling agency. For a list of reverse mortgage counseling agencies in your area, contact a reverse mortgage consultant at Cobalt Mortgage.

Reverse mortgage counseling can help you understand the different types of reverse mortgages and explain the advantages and limitations with each. The counselors are required to explain other options and resources that may be available including other housing, social service and health, and financial options. They will discuss the financial implications of obtaining a reverse mortgage. Finally, they will disclose that the reverse mortgage may have tax consequences, affect eligibility for assistance under state or federal programs, and have an impact on your estate and heirs.

Learning the Types of Reverse Mortgages with Reverse Mortgage Counseling

The following are some of the main types of reverse mortgages.

HECM: Home Equity Conversion Mortgage

Home Equity Conversion Mortgage (HECM) loans are insured* and regulated by the Federal Housing Administration (FHA) and represent the majority of reverse mortgage loans. We offer both a reverse refinance and purchase under the HECM (purchase not available in all states).

* A HECM loan is a loan made or originated by a private lender. The FHA insures a lender's HECM loan against certain losses, but it is still the lender's loan and not an FHA or government loan.

When receiving proceeds from a HECM loan, options for obtaining proceeds may include:

  • A single lump sum.
  • A credit line account that you control. (Adjustable rate only)
  • Monthly distributions for a specific period of time (term payments) or for as long as you live in your home (tenure payments). (Adjustable rate only)
  • A combination of these options. (Adjustable rate only)
* Available amount under all payment options may be restricted in the first 12 months. A Reverse Mortgage Consultant will discuss your options with you.

Request Reverse Mortgage Information

For more help comparing the different types of reverse mortgages and to determine which type of reverse mortgage is the best option for you, contact a reverse mortgage consultant at Cobalt Mortgage.

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