The National Council on Aging (NCOA) has announced it will offer free reverse mortgage counseling to seniors facing financial challenges.

Through its Reverse Mortgage Counseling Services (RMCS) Network, NCOA counselors will waive the usual $125 fee in order to help more homeowners understand how reverse mortgages can help them remain in their homes. The counseling addresses reverse mortgages as well as community programs and other options to help homeowners age in place. Anyone 62 and older can schedule a free session with NCOA.

“Many homeowners are struggling in this economy, and with the looming budget cuts in senior services on Capitol Hill, its may make things more difficult for those in need,” said Barbara Stucki, vice president of Home Equity Initiatives for NCOA. “With this in mind, we are happy to offer free counseling so that older adults can learn how to make smart decisions about using their home equity at a time when other resources may be decreasing.”

For clients who decide to take out a reverse mortgage, typically, RMCS counseling requires a fee at the time of the loan closing. For those in the lowest income bracket, the counseling sessions are always free of charge.

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Written by Elizabeth Ecker