AARP Reverse Mortgage Education Project
AARP Reverse Mortgage Education Project (RMEP) is an example of the vital contribution that AARP has made in its’ efforts to assist senior homeowners in understanding the complexities of reverse mortgages. The RMEP was co-funded by HUD and The AARP Foundation to provide consumers with independent information about reverse mortgages as well as alternatives to reverse mortgages.
AARP does not endorse any particular reverse mortgage loan or lender. However, AARP has been instrumental in encouraging many of the reverse mortgage loan comparisons, disclosures and loan counselor examination criteria that have been adopted by lenders of reverse mortgages as well as HUD and FHA. Additionally, The AARP provides support services for the national network of HUD approved counselors. The AARP RMEP also provides counselor referrals to consumers nationwide, by calling 1-800-569-4287 or 1-888-687-2277.
AARP Reverse Mortgage Counseling
When you decide that you might be interested in applying for a reverse mortgage, one of the first things that you must do is complete HUD approved counseling. The counseling is mandatory for all applicants and is provided free of charge. There are a number of sources that you can go to for reverse mortgage counseling.
However, the counseling provided by AARP for reverse mortgages is a top choice for many seniors. The AARP Reverse Mortgage Education Project in conjunction with HUD and reverse mortgage industry advisors developed a detailed protocol of HECM counseling policies and procedures. AARP also assisted HUD in designing and administering the HUD-approved HECM counselor exam.
AARP reverse mortgage counselors utilize the AARP loan analysis and comparison software developed by AARP. The AARP software will give you a total picture of what will happen to your home equity based on what you think will happen to interest rates, how you expect to use your loan and what you think will happen to your home’s value. AARP’s loan analysis will also allow you to compare various types of reverse mortgages that are available to you.
AARP Reverse Mortgage Glossary of Terms
Another helpful resource provided by AARP to assist seniors and their advisors is the AARP glossary of reverse mortgage terms. Because these loans are highly complex it is a wise decision to review the terminology that will be used if you proceed to the application process. AARP’s efforts to help educate the public about this type of loan includes several fact sheets, a comprehensive consumer guide, video tapes and this glossary of reverse mortgage terms.
AARP Consumer Guide
The AARP RMEP published one of the most comprehensive consumer guides to understanding reverse mortgages. The AARP reverse mortgages guide is called “Home Made Money, A Consumer’s Guide to Reverse Mortgages”.
The AARP consumer’s guide is a detailed, 52 page report outlining everything you should be aware of when considering reverse mortgages. Some of the topics covered are; eligibility, benefits, costs, selecting an AARP counselor, selecting a lender, and selecting an interest rate, just to name a few. If you are serious about learning more about reverse mortgages the AARP Reverse Mortgage Consumer Guide is a great place to start.
