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Project Sentinel, 1490 El Camino Real, Santa Clara, CA 95050

2019 Project Sentinel. All Rights Reserved.

Reverse Mortgage Counseling

If interested in Reverse Mortgage counseling, please follow the steps below.

A Reverse Mortgage is a non-recourse loan against a homeowner's property. To qualify for a Reverse Mortgage, the homeowner(s) in question must be 62 years old or older, have equity in the home, and permanently reside in said property. Project Sentinel provides counseling for both government and proprietary Reverse Mortgages.

 

Other elements of a Reverse Mortgage include:

  • No required payments throughout the life of the loan.

  • Homeowner(s) retains title to the property.

  • The loan will not become due as long as the homeowner(s) remains in the property, maintains the property, pays property taxes, and pays home insurance.

  • All existing balances (mortgages, HELOC, etc.) must be paid off at the close of ESCROW with the loan proceeds.

  • Reverse Mortgage loan proceeds can be used for any purpose and can be provided in: a lump sum payment, monthly payments throughout the homeowner's life, monthly payments for a specific number of years, or a line of credit to draw upon when needed.

  • The ability to buy a home with a Reverse Mortgage (Reverse Mortgage for Purchase). 

During the session, your counselor will go over the advantages and disadvantages of a Reverse Mortgage, as well as possible alternatives to getting a Reverse Mortgage. It is the counselors job to provide information and guide clients through the Reverse Mortgage process. Please note that counselors will not tell clients to choose one Reverse Mortgage product over the other. 

Shop Around

Learn about the types Reverse Mortgages.

Read NOCA's Reverse Mortgage consumer booklet.

Look for lenders in your area.

Schedule an Appointment

Schedule a phone or an office in-person appointment.

 

Clients will be asked to provide basic information about themselves to begin a digital file.

Be prepared to provide a Counselor's Access code or your lender's contact information. 

Appointment Preparation

Return the Reverse Mortgage intake packet.

Have your loan proposal package handy.

Record any questions you may have.

Attend Counseling

If your appointment is over the phone, your counselor will call you.

If your appointment is in person at our office, please arrive on time.

Please contact us ASAP if you wish to reschedule or cancel your appointment.