Just a few weeks after Money Management International announced that it was offering free reverse mortgage counseling, the National Council on Aging (NCOA) is doing the same for seniors through its Reverse Mortgage Counseling Services (RMCS) Network said a company statement.
RMCS counselors will waive the usual $125 fee to help older homeowners understand how these loans, along with community programs and other options, could help them to remain in their homes.
"Tapping home equity in a timely way can keep small financial challenges from becoming overwhelming problems, but many older homeowners need guidance on how and when to tap this asset," said Barbara R. Stucki, Ph.D., Director of the Reverse Mortgage Initiative for NCOA. "We are pleased to work with HUD to provide both one-on-one reverse mortgage counseling and a detailed consumer booklet to help fill this knowledge gap."
As part of the new reverse mortgage counseling protocol under development by the U.S. Department of Housing and Urban Development (HUD), all HUD-approved reverse mortgage counselors will soon be required to provide consumers with this 28-page booklet. A website for purchasing printed copies will be launched when HUD’s new protocol goes into effect.
