HECM / Reverse Mortgage

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HECM / Reverse Mortgage 2017-06-21T13:13:05+00:00

Reverse Mortgage Counseling


A Reverse Mortgage is a loan against the property for homeowners, 62 years of age and older who have equity in their homes, and permanently reside in the property. FHCS offers Reverse Mortgage Counseling to residents located in the following Ohio counties: Summit, Portage, Medina, and Stark. FHCS will provide counseling to residents of other counties as schedule permits.

  1. No payments are required throughout the life of the loan.
  2. The homeowner retains title to the property.
  3. As long as a homeowner remains in the property the loan will not become due as long as the property is maintained, the property taxes are paid, and the homeowner insurance is paid.
  4. All existing mortgages must be paid off at the close of escrow with loan proceeds.
  5. Loan proceeds can be used for any purpose and can be provided in lump sum payment, monthly payments for the rest of the homeowner’s life, monthly payments for a specific number of years or a line of credit to draw on when needed.

Reverse Mortgage originators have started doing Financial Assessments for potential reverse mortgage clients. Think of it as a process similar to the bank assessing your financials when you first applied for a loan to buy your house: originators will check credit reports for timely payments of installment loans, credit card payments, “property charges” such as property taxes, insurance payments, and condo fees/HOA fees if they apply. They will also determine based on household income whether or not you have enough residual income to afford these property charges or need a Partial, Full, or no set aside from reverse mortgage proceeds to help cover the property charges. Sometimes extenuating circumstances will still qualify you for a reverse mortgage. Details are covered in the counseling session and more in-depth by your HECM loan originator.

Want to see a housing counselor?


Call 330.376.6191 to schedule a counseling appointment with a HUD-Qualified HECM Counselor.

For additional Reverse Mortgage information, please click here to see National Council on Aging (NCOA) booklet on reverse mortgages.

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