Why You Need AARP Reverse Mortgage Counseling
by Don Seibert
By federal law, all applicants for a reverse mortgage for seniors must receive credit
counseling on the matter before their application will be processed. The reasoning for this
counseling is quite simple. The federal government wants to ensure that you are fully aware
of the option that you are taking to provide income during your retirement and to be
certain that you are not getting involved in a scam. This sort of counseling is really a
good thing and does not have to cause you to incurr any additional costs. In fact, the
counseling may save you considerable dollars! There are many things that must be
considered carefully in order to make an informed, wise decision to obtain a reverse
mortgage.
AARP reverse mortgage counseling is a popular venue for this federally required credit
counseling. The first reason for this is that it is a free service provided by AARP for
members. According to the AARP, about eighty percent of seniors in America are enrolled
with the organization as a member. It is, then, no wonder that AARP reverse mortgage
counseling is the number one choice for most applicants. Additionally, since the AARP is
not in the reverse mortgage business, their counseling is independent and they can remain
objective. Remember the Law of the Barbershop! "Never ask the Barber if you need a
haircut!"
There are many things that will be discussed and determined during your AARP reverse
mortgage counseling. First, the counselor must review other options to ensure that a
reverse mortgage is right for you, your family, and you particular financial situation.
There are many other options available to assist you in your retirement that may be more
suitable to your needs. The counselor will also review your state or federal benefits, and
how the reverse mortgage will effect your eligibility. Your AARP counseling will also
provide you with full financial information about a reverse mortgage and its effects on
your taxes, your estate, and your heirs.
While there are many other reverse mortgage counseling services available at low rates or
no cost, AARP reverse mortgage counseling seems to be the top choice for most seniors. AARP
reverse mortgage counseling will enable you to see all of your options, choose carefully,
and consider all alternatives and implications before obtaining a reverse mortgage.
It really pays to do your homework before embarking on a reverse mortgage for
Don Seibert is a retired business executive intimately familiar with real estate mortgages and the needs of senior citizens. His website is www.retiree-finance.com and it has
More Reverse Mortgage Information and many more free articles related to home refinance for Senior Citizens.
