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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.

A H UD-approved reverse mortgage counselor can:

  • 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.

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