REVERSE MORTGAGE PROGRAM | AMERICAN ASSOCIATION OF RETIRED PERSONS

The AARP Foundation's Reverse Mortgage Education Project (RMEP) educates homeowners (and other interested parties) about reverse mortgages that allow them to borrow some of the accumulated equity in their homes without having to repay the loan until they sell the home or permanently move away. Services/Resources: Home Made Money: A Consumer's Guide to Reverse Mortgages - This 46-page booklet (available in print or online) provides a comprehensive overview of reverse mortgages that may help older homeowners tap some of the equity in their homes without having to sell or move. The guide also describes less costly alternative programs that may also help homeowners remain independent in their communities. Reverse Mortgage Counseling - Interested homeowners aged 62 or older can receive a referral to an exam-qualified reverse mortgage counselor who can provide more in-depth information about the pros and cons of reverse mortgages, some information about the loan fees and costs, a personalized estimate of approximately how much a homeowner can borrow and information on other programs and services that might help someone remain in their home. The free reverse mortgage counseling session can be done in person or by telephone and usually takes at least one hour.

Data provided by

211 Pathways

Physical Address

601 E Street Nw, Washington, DC 20049

Hours

Mon-Fri 9am-5pm.

Application process

Call for information or visit web site.

Fee

None.

Eligibility

Homeowners age 62 and older are eligible for Reverse Mortgages.

Languages

English; Spanish.

Agency info

AMERICAN ASSOCIATION OF RETIRED PERSONS

Membership organization that helps people age 50 and over have independence, choice and control in ways that are beneficial and affordable to them and society as a whole, ways that help people 50 and over improve their lives.