The reverse mortgage is a really important loan that must be fully understood by the borrower before it can be really useful. In order to understand that loan (and to even be able to qualify for it), most people get reverse mortgage counseling. That counseling may be provided by government agencies or it may be offered through non-profit agencies. Those non-profits that offer this service rely on grants to be able to continue to provide assistance in this area. This is important because these groups often serve seniors who wouldn't necessarily seek out assistance from the larger community.
For example, a group called Catholic Charities Financial Counseling recently received a grant which allows seniors in Minnesota to gain helpful information for the purpose of avoiding home foreclosure. This information includes the option of taking out a reverse mortgage loan. These people may not seek out assistance from the MN state government but may be comfortable enough with a small non-profit to get assistance from them.
Society works because we are willing to help each other out when we need to. The government plays an important role in taking care of the elderly and providing information for them such as that related to the reverse mortgage loan. However, it takes other groups to make sure that everyone in society is obtaining this kind of help.
Question of the Day: Should non-profit groups receive additional funding to educate seniors about reverse mortgage loans?
