RMEP Founded by AARP and HUD

AARP Reverse Mortgage Education Project (RMEP) is an example of the vital contribution that AARP has made in its’ efforts to assist senior homeowners to understand the complexities of these home equity loans. The RMEP was co-funded by HUD and The American Association of Retired Persons Foundation to provide consumers with independent information about government insured HECM (Home Equity Conversion Mortgage) loans as well as alternative choices to consider before making a final decision.

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AARP does not endorse any particular lender or loan program. However, the association has been instrumental in encouraging many of the HECM loan comparisons, disclosures and loan counselor examination criteria that have been adopted by lenders as well as HUD and FHA. Additionally, The Association provides support services for the national network of HUD approved counselors. The RMEP also provides counselor referrals to consumers nationwide. You can reach them by calling 1-800-569-4287 or 1-888-687-2277.

AARP Counseling Services

When you decide that you might be interested in applying for this loan, one of the first things you must do is complete HUD counseling. Counseling is mandatory for all applicants, and there are a number of sources that you can go to for your counseling appointment.

However, the counseling provided by AARP is a top choice for many seniors. The AARP RMEP in conjunction with HUD and industry advisers developed a detailed protocol for HECM counseling policies and procedures. The association also assisted HUD in designing and administering the HUD-approved HECM counselor exam.

prof2AARP Counselors utilize the the loan analysis and comparison software developed by RMEP. The software provides  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 proceeds and what you think will happen to your home’s value. This loan analysis  also allows you to compare the various HECM’s that are available to you.

AARP Glossary of Terms

Another helpful resource provided by AARP to assist seniors and their advisers is the Glossary of Terms. Because these loans are highly complex it is wise 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 the glossary of terms.

AARP Consumer Guide

The AARP RMEP published one of the most comprehensive consumer guides to understanding these complex loans. The 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 this type of home equity loan. Some of the topics covered are; eligibility, benefits, costs, selecting a counselor, selecting a lender, and selecting an interest rate, just to name a few. If you are serious about learning more about these unique loans, the AARP Consumer Guide is a great place to start.

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