Are there any situations where a borrower might owe more than the home's value with a reverse mortgage?

A reverse mortgage is a loan product that allows a borrower to use the equity in their home as a guarantee for a loan. A counselor will explain how reverse mortgages work, including how you can access your equity, costs, tax implications, benefits and drawbacks. Mar 27, 2025 ... The reverse mortgage company stops making payments at the end, similar to what happens when you pay off a normal mortgage. At that point, the ... Federal regulations and North Carolina law require reverse mortgage loan applicants to receive reverse mortgage counseling from an approved counseling agency. Reverse Mortgage; icon Your Fair Housing Rights/File Complaint. Use the criteria below to narrow your search results (optional):. Agency Name. Counseling Method. In New York, there are two types of reverse mortgage loans available to senior borrowers. The first, referred to as a HECM reverse mortgage (or 280-b), is a ... Reverse mortgage borrowers have significantly higher financial and housing satisfaction compared to nonborrowers; no differences were found for health, daily ... HOPE is a HUD-approved housing counseling agency, and has a team of expert reverse mortgage (Home Equity Conversion Mortgage or HECM) counselors who are ... In order to receive a Home Equity Conversion. Mortgage (HECM), the most common type of reverse mortgage loan, you must receive counseling from a HUD-approved ... To find a HUD-approved Home Equity. Conversion Mortgage (HECM) counselor near you, call (800) 569-4287. ▫ Decide if you really need a reverse mortgage. Another ...