GreenPath Debt Solutions Offers Free Reverse Mortgage Counseling

FARMINGTON HILLS, Mich., Jan. 20, 2011 /PRNewswire-USNewswire/ -- As more stories tell of Americans delaying retirement due to lack of finances, GreenPath Debt Solutions, a HUD-approved housing counseling agency and a national provider of housing counseling services, reminds seniors that they may be able to turn their home equity into cash by obtaining a reverse mortgage. GreenPath offers free reverse mortgage counseling, where seniors can learn more about how a reverse mortgage works.

"Reverse mortgages are not for everyone, but for some, it's a viable option that should be considered," said Setina Briggs-Kelly, housing manager for GreenPath Debt Solutions.

Reverse mortgages enable homeowners age 62 or older to convert their home's equity into cash. The cash can be used as the homeowner sees fit, but is typically used for home improvements, medical expenses, and other living expenses.

"A reverse mortgage is a loan where the lender advances money to the homeowner based upon the equity in the home," said Briggs-Kelly. "The amount of the loan a homeowner is eligible for depends upon the amount of equity in the home and the age of the borrower."  She went on to explain that the homeowner is not required to repay the loan as long as they live in the home. The loan is repaid when the last surviving borrower dies or decides to sell the home.

When an interested individual calls GreenPath, they will be asked a specific set of questions to determine if they are a likely candidate for a reverse mortgage. "The great thing about qualifying for a reverse mortgage is that there are no income or employment qualifications," explained Briggs-Kelly.  However, the home must be a single-family home or a one-to-four unit home where the borrower actually lives. Additionally, a HUD-approved condominium or manufactured home that meets FHA guidelines may also be eligible.

To learn more about reverse mortgages, homeowners can call GreenPath Debt Solutions at 888-860-4167 to schedule an appointment or log on to www.greenpath.com.

About GreenPath Debt Solutions

GreenPath Debt Solutions is a nationwide, non-profit financial organization that assists consumers with credit card debt, housing debt and bankruptcy concerns. GreenPath is a member of the National Foundation for Credit Counseling (NFCC) and has been helping people achieve their financial goals since 1961.

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SOURCE GreenPath Debt Solutions