Live Wire: HUD, state offer help on reverse mortgage decisions

They allow seniors to tap the equity theyve built in their homes without having to leave those homes. Seniors can take their payments through lump sums or a line of home equity. The loans are generally repaid when the homeowner dies, moves or sells the property.

The homeowner does retain the title during the loan – along with responsibility for property taxes, insurance, utilities, maintenance and those sorts of costs.

It can sound alluring – and is sometimes a good option.

But dont commit to a reverse mortgage without first thoroughly researching the offer and thinking about what it would mean in various scenarios.

You can learn more about reverse mortgages by talking to a housing counselor approved by the US Department of Housing and Urban Development. In this area, you can find a counselor at the nonprofit Consumer Credit Counseling Service of Fayetteville. Its number is 323-3192.

Or read more at HUDs website. Go to portal.hud.gov/hudportal/HUD and click on topic areas, then information for senior citizens, then reverse mortgages for seniors.

You can also look at the website of the North Carolina Housing Finance Agency – nchfa.com/homebuyers/HOreversemortgage.aspx.

Q: There used to be a place in downtown Fayetteville that was called the Womens Center. They helped women start a business or start on a career path. Is it still there? If it is, how can I get in touch with them? – LL, Hope Mills

A: The nonprofit organization is still there but its now known as the Center for Economic Empowerment amp; Development, or CEED.

It changed its name in 2010. At that time, founder Sylvia Ray said CEEDs previous name, the Womens Center of Fayetteville, confused some people.

A lot of people either thought we were a shelter or a doctors office, she said.

In fact, CEED says it promotes growth, productiveness and well-being through peer counseling, education, information and advocacy programs.

CEED is at 230 Hay St. Its phone number is 323-3377. For more information, check ncceed.org or email [email protected].

Live Wire seeks to answer questions of general interest and consumer topics within two weeks. Initials are used to identify questioners when names are given. Contact Live Wire at facebook.com/foLiveWire, at [email protected] or at 486-3516.