Reverse Mortgages

A reverse mortgage is a special type of loan that enables individuals 62 or older to convert some of their home's equity into tax-free cash. Unlike traditional equity loans, no repayment is required until the home is no longer the principal residence. For more information, contact the National Reverse Mortgage Association at 1-202-939-1760 or visit their website at www.reversemortgage.org. Information packets may be obtained from FNMA Consumer Resource Center at 1-800-732-6643.

National Community Reinvestment Coalition (NCRC)

The National Community Reinvestment Coalition (NCRC) has created a Fair Lending Consumer Rescue Loan for homeowners, particularly senior citizens, those with high-cost loans and those with predatory or problematic mortgage loans. The fund can provide counseling and new conventional mortgage loans with no fees, no points, insurance or other offerings. For more information call 1-202-628-8866 or visit their website at www.ncrc.org.

Ohio Legislative Information