What should I discuss with the Reverse Mortgage Counselor ?

You are advised to discuss the following additional issues with the counselor during your counseling session:

Unexpected medical or other events could cause you to move out of your home earlier than anticipated and this will impact the total annual cost of the reverse mortgage loan you obtain;

The extent to which your financial needs may be better met by options other than a reverse mortgage loan, including less costly home equity lines of credit, property tax deferral programs, or governmental aid programs;

The consequences if you intend to use the proceeds of the reverse mortgage loan to purchase an annuity or other financial or insurance product;

The effect of repayment of the reverse mortgage loan on other residents of the home securing the reverse mortgage loan after all borrowers have died or permanently left the home;

Your ability to finance routine or catastrophic home repairs, especially if maintenance is a factor that may determine when the reverse mortgage loan becomes payable;

The impact that the reverse mortgage loan may have on your tax obligations and eligibility for government assistance programs, and the effect that losing equity in the home securing the reverse mortgage loan will have on your estate and heirs; and

Your ability to finance alternative living accommodations, such as assisted living or long–term care, once your equity in the home is depleted.

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