Skip to main content
Accessibility  |  Contact  |  Privacy  |  Terms of Service

Free Reverse Mortgage Counseling for Seniors Seeking to Use Home Equity

  • Published: 2011-03-25 (Revised/Updated 2014-11-24) : Author: National Council on Aging : Contact:
  • Synopsis: NCOA offers free counseling for seniors through its Reverse Mortgage Counseling Services RMCS Network.
Reverse Mortgage

A home loan that provides cash payments based on home equity. Homeowners normally defer payment of the loan until they die, sell, or move out of the home. Upon the death of homeowners, their heirs either give up ownership to the home or must refinance the home to purchase the title from the reverse mortgage company. Specific rules for reverse mortgage transactions vary depending on the laws of the jurisdiction.

Main Document

"There are different rules in Canada compared to the United States when it comes to reverse mortgages."

As older adults continue to face financial challenges in the sluggish economy, the National Council on Aging (NCOA) will offer free counseling for seniors through its Reverse Mortgage Counseling Services (RMCS) Network.

RMCS counselors are waiving the usual $125 counseling fee in order to help more homeowners understand how reverse mortgage loans, along with community programs and other options, could help them remain in their homes. Consumers age 62+ can schedule a free reverse mortgage counseling session by calling 1-800-510-0301.

"Many homeowners are struggling in this economy, and with the looming budget cuts in senior services on Capitol Hill, its may make things more difficult for those in need," said Barbara R. Stucki, Ph.D., vice president of Home Equity Initiatives for NCOA. "With this in mind, we are happy to offer free counseling so that older adults can learn how to make smart decisions about using their home equity at a time when other resources may be decreasing."

Generally, NCOA RMCS counselors do not charge a fee for counseling upfront, only at the time of closing, if the client decides to take out a reverse mortgage. RMCS counseling is always free for clients with annual incomes of less than $20,000 for individuals or $30,000 for couples.

NCOA also offers a consumer booklet on reverse mortgages, entitled Use Your Home to Stay at Home. The booklet, and additional information on Reverse Mortgages, can be downloaded for free at

Editor: Facts on Canadian Reverse Mortgages: Courtesy of

Similar Topics

1 : The Enormous Impact of Home Evictions on Mental Health : University of Granada.
2 : Innovative Affordable Housing Ideas Highlighted at GHF UN Convocation : Global Housing Foundation.
3 : DOJ Files Complaint Against City of LA and CRA/LA Alleging They Fraudulently Obtained Millions in Housing Grants for Disabled : USDOJ Office of Public Affairs (SMO).
4 : Is Buying a House Cheaper Than Renting a Home : Zillow.
5 : Down Payment Main Obstacle for Renters Buying a House : Zillow.
From our Housing and Homes section - Full List (68 Items)

Submit disability news, coming events, as well as assistive technology product news and reviews.

Loan Information for low income singles, families, seniors and disabled. Includes home, vehicle and personal loans.

Famous People with Disabilities - Well known people with disabilities and conditions who contributed to society.

List of awareness ribbon colors and their meaning. Also see our calendar of awareness dates.

Blood Pressure Chart - What should your blood pressure be, and information on blood group types/compatibility.

1 : vEAR: Why Can I Sometimes 'Hear' Silent Flashes When Viewing Animated Gif's?
2 : New Jersey Digital Art Program for Individuals with ASD
3 : 2018 Lime Connect Fellowship Program for Students with Disabilities
4 : Epihunter Classroom - Making Silent Epileptic Seizures Visible
5 : Prostate MRI Reveals More Treatable Cancers and Reduces Overdiagnosis


Disclaimer: This site does not employ and is not overseen by medical professionals. Content on Disabled World is not intended to be a substitute for professional medical advice, diagnosis, or treatment. Always seek the advice of a physician or other qualified health provider with any questions you may have regarding a medical condition. See our Terms of Service for more information.

Reporting Errors: Disabled World is an independent website, your assistance in reporting outdated or inaccurate information is appreciated. If you find an error please let us know.