SCUCS provides counseling for Camden County individuals age 62 and older who are interested in a HUD-insured reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM). Counseling is done by our HUD Certified Counselor.
Home Equity Conversion Mortgage Reverse Mortgages
A Home Equity Conversion Mortgage or Reverse Mortgage is a special type of mortgage for people over the age of 62 who own their own home and have substantial equity. The home must be a single family dwelling or HUD-approved condominium and must be the principle residence of the applicant.
This type of mortgage provides seniors with a line of credit or a monthly income based on the amount of equity in their home. The mortgage balance must be repaid when the last lender leaves the home. A counseling session is required for anyone applying for a Reverse Mortgage.
Family members are encouraged to attend the counseling session.
For more information on Reverse Mortgage Counseling or to schedule a counseling session, call (856) 456-1121.