Should I use a reverse mortgage to consolidate my debts?
It depends. Talk to a HUD-approved reverse mortgage counselor before consolidating your debts with a reverse mortgage.
- Advise you on managing your money and debts.
- Help you develop a budget.
- Give you free educational materials or workshops.
- Discuss the risks of consolidating unsecured debts (credit cards, etc.) into a loan backed by your home.
Avoid people and businesses who claim that they will help you lower your debts but ask for big fees upfront or make unrealistic promises like restoring your credit or repaying your debts for pennies on the dollar.