On top of that, to qualify for an enthusiastic HECM, you should discovered contrary home loan guidance away from a HUD-approved counseling company. Contrary home loan advisors is actually coached and you can passed by HUD to add objective recommendations so you're able to older adults. Once you meet with you to definitely, they'll define possibilities to an enthusiastic HECM, opposite financial can cost you, fee bundle choices, and.
You do. Inside a reverse mortgage, you keep the new label to your house