Senior Resource Directory Senior Resource Directory

Decisions about the use of home
equity are among the most important
you will ever make. Whether
or not they make sense for you
depends on your in di vid u al situation
- your goals, your resources,
and your other options. Because
home equity is such an important
asset, you should consider HEC
plans within the larger context of
your overall fi nancial and estate
plan ning.
Effect on Public Ben e fi ts
Homeowners interested in home
equity conversion typically are
seeking ad di tion al income to meet
their basic needs of food, clothing,
shelter, and medical care. Some
may already receive public benefi ts,
while others who are eligible may
have not chosen to apply or may
not be aware that they meet the
eligibility re quire ments.
Many others will never need or
qualify for public benefi ts. However,
because eligibility for public
benefi ts may be affected by proceeds
of home equity conversion,
you should not overlook this possible
“cost.”
HOUSING
For More Information…
AARP Home Equity
Infomation Center
Consumer Affairs Section, 601
E Street, N.W. Washington, DC
20049
Reverse Mortgage Lenders List
Con sum er’s Guide to Home
Equity (D 13253) Conversion PF
3981 (793)
www.aarp.org/revmort/
AARP website provides information
about reverse mortgages,
including fact sheets, how they
work, who is eligible, what you
get, what you pay, and how to
calculate loan costs and understand
different types of loans.
2005-2007 SANTA BARBARA COUNTY SENIOR RESOURCE DIRECTORY 61