Reverse Mortgage Programs

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Reverse Mortgage Programs has no subcategories

    Taxonomy Code: LH-4000.7000

    Programs that make an arrangement which allows older adults who have equity in their homes to obtain cash from their homes without selling them in order to pay for home health care and other needed services and avoid institutionalization (or to use for other purposes). The individual may either obtain a reverse annuity mortgage which provides an annual income for the individual and may also include a lifetime tenancy, or sell and lease back his/her home on a basis that guarantees lifetime tenancy. The institution providing the annuity receives title to the house or cash from the sale only when the older person dies or moves away. In the sale-leaseback arrangement, the title to the house is transferred to the lender immediately. Most of these programs provide counseling regarding the general benefits of reverse mortgages, and some may evaluate an individual's personal financial situation and recommend a reverse mortgage if it would be to the person's advantage.

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    There are 5 matching records.
    Service NameDescriptionLocationProgramAgency
    COMPREHENSIVE COUNSELING (HOUSING)Provides prepurchase/first time homebuyers counseling, default delinquency counseling, budget counseling, housing assistance (Section 8 eligible), landlord/tenant assistance, reverse mortgage counseling (senior program) and referrals to other housing and non-housing agencies.SuffolkCOMPREHENSIVE COUNSELING (HOUSING)WYANDANCH COMMUNITY DEVELOPMENT CORPORATION
    COUNSELING FOR HOME EQUITY CONVERSIONProvides counseling to seniors and their families on ways to unlock the equity in their homes and convert it into monthly income and/or a line of credit. Call for further information.NassauCOUNSELING FOR HOME EQUITY CONVERSIONFAMILY AND CHILDREN'S ASSOCIATION
    HOUSING COUNSELING PROGRAM-NASSAUProvides housing counseling for landlord/tenant-rights and responsibilities, rent payment increases and eviction situations, and mortgage counseling to homeowners. Pre-purchase, pre-rental and mortgage default counseling. Call. Appointment preferred.SuffolkHOUSING COUNSELING PROGRAM-NASSAULONG ISLAND HOUSING SERVICES, INC.
    HOUSING SERVICESProvides comprehensive housing counseling services to individuals and families. Services include credit counseling, budgeting, pre and post home ownership counseling, foreclosure prevention counseling, and resources for down payment assistance programs. Call for further information.SuffolkHOUSING SERVICESECONOMIC OPPORTUNITY COUNCIL (EOC) OF SUFFOLK, INC.
    SENIORS IN DISTRESSProvides financial counseling for senior citizens. Includes a complete financial assessment and advisement on available programs, including credit counseling, foreclosure prevention, and information on reverse equity mortgages.SuffolkSENIORS IN DISTRESSHOUSING HELP INC.

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