Reverse Mortgage Program 

Springfield Neighborhood Housing Services is a HUD-approved reverse mortgage counseling agency (www.hud.gov) that provides one-on-one counseling for seniors who are interested in obtaining a reverse mortgage.  Springfield NHS provides counseling as an impartial third-party and does not provide the reverse mortgage loan, just the counseling.  Counseling is required to obtain a reverse mortgage to ensure that the borrower understands what is involved when they obtain a reverse mortgage.

What is a reverse mortgage?

Reverse mortgages enable eligible homeowners to access the money they have built up as equity in their homes.  They are primarily designed to strengthen seniors' personal and financial independence by providing funds without a monthly payment burden during their lifetime in the home.  If you are a homeowner 62 or older, you might be interested in talking with a lender or counselor about reverse mortgages.  These products offer a way to borrow against your home equity to create a regular and tax-free source of income or a significant source of ready cash, all while you continue living in your home.  And, you don't repay any part of the loan as long as you occupy your home and don't violate any terms and conditions of the reverse mortgage -- unlike regular home loans that you begin paying back as soon as the loan is made. (Money from Home:  A Guide to Understanding Reverse Mortgages, Fannie Mae)

If you are interested in scheduling a reverse mortgage counseling session, please call Springfield Neighborhood Housing Services at (413) 739-4737, ext. 100.  There is no obligation attached to learning more and getting answers to your questions.