Reverse Mortgage Resource Pages
Part 5 or 5 - Resource Pages ...
What's in this section?
This section contains information on obtaining more detailed information about Reverse Mortgages, things to be aware of, and alternatives. Contacting these sources will give you a more complete picture of the Reverse Mortgage market and its issues.
What information is available?
At this time, the Internet has the most information sources. Most of them cover the same basic subjects discussed in this booklet but a few contain additional information. If you are unfamiliar with how the Internet works, the staff at your library or Senior Center can help you. Addresses and toll-free phone numbers you can use to become better informed are listed. We also point you to useful books and videos.
- National Center for Home Equity Conversion (NCHEC)
360 N. Robert, Suite 403
St. Paul, MN 55101
1-651-222-6775
http://www.reverse.org
NCHEC is an independent, nonprofit organization dedicated to helping seniors make educated decisions about Reverse Mortgages.
- AARP Home Equity Information Center
601 E Street N.W.
Washington, DC 20049
1-800-209-8085
5 a.m.- 5 p.m. Pacific Time
http://www.aarp.org/revmort/
This website is a good source of basic information and tips on selecting counselors and lenders. They also publish a free consumer's guide on Reverse Mortgage borrowing, “Home Made Money.” This completely rewritten book can be read on-line or printed. A two-part video “Reverse Mortgage Choices” is available for a $5.00 shipping and handling charge.
- U.S. Department of Housing and Urban Development
Washington, DC 20410-8000
1-888-466-3487 or 1-800-217-6970
http://www.hud.gov and http://www.hudhcc.org
These websites provide useful information about senior housing issues. They include information about HECM and Fannie Mae programs and lists HUD-approved counselors and lenders.
- Federal National Mortgage Association (Fannie Mae)
1-800-732-6643
http://www.homepath.com
This website contains descriptions of HECM and Fannie Mae programs, answers to frequently asked questions, lender information and the complete financial needs assessment outline mentioned earlier. They also publish a free guide, “Money from Home: A Consumer's Guide to Reverse Mortgages,” which can be ordered by phone.
- Consumers Union, West Coast Regional Office
1535 Mission Street
San Francisco, CA 94103
1-415-431-6747
http://www.consumersunion.org
Consumers Union has several publications (“Guarding the Golden Years. Reverse Mortgages” and “Reverse Mortgage Consumer Tip Sheet”) that describe benefits and things to look out for with Reverse Mortgages. Both of these can be printed from the website. They have recently published a detailed, 59-page analysis of the advantages and pitfalls of Reverse Mortgages for California consumers, “There's No Place Like Home: The Implications of Reverse Mortgages on Seniors in California.”
- National Reverse Mortgage Lenders Association
1625 Massachusetts Avenue, N.W., Suite 601
Washington, DC 20036
1-202-939-1760
http://www.reversemortgage.org
This website includes detailed overviews of HECM, Fannie Mae, and Financial Freedom (a private lender) programs. There is also a list of lenders. The nonprofit association is funded by member lending institutions.
Go to Part 5 - Reverse Mortgage Resource Pages
Go to Part 4 - Reverse Mortgages — Things to Consider
Go to Part 3 - Reverse Mortgages — The Process
Go to Part 2 - Reverse Mortgages — Frequently Asked Questions
Go to Part 1 - Reverse Mortgages
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