Lakeside works with current homeowners to ensure that they are well-prepared to enjoy the full benefits of homeownership and to meet whatever challenges may arise. Our counselors can help you with credit and money management, home maintenance and repairs, property taxes and insurance, and much more. We also maintain information resources on different programs and services for homeowners and schedule periodic workshops on different special topics.

Reverse Mortgages for Seniors

For senior homeowners, Lakeside offers counseling about the costs and benefits of reverse mortgages. Reverse mortgages are special mortgages for homeowners over the age of 62, which allow the owner to convert built-up home equity into cash. The HECM reverse mortgage is a federally-insured mortgage which provides added security for the homeowner. Reverse mortgages are not for everyone and there are costs associated with these mortgages. Lakeside provides face-to-face housing counseling, which is intended to help seniors and their families understand how a reverse mortgage may or may not help the senior homeowner meet his or her housing or other financial needs. Counseling sessions follow a specific protocol and typically last at least 2 hours. At the conclusion of the counseling session, the homeowner can receive a certificate of completion, which is required by HUD for seniors taking reverse mortgages.

Lakeside’s reverse mortgage counseling is provided face-to-face, either at Lakeside’s office or at a location convenient to the senior client, in the event the client cannot get to our office easily. Counseling is FREE to the prospective buyer and confidential. Best of all, because we do not have anything to gain from your decision, you can complete your home purchase plan on your timetable. Our only goal is to help you make an informed housing decision, which best meets your needs.

To schedule a reverse-mortgage counseling session, please contact Alma Hernandez, Housing Specialist, at (773) 381-5253.