With reverse mortgage counseling times on the rise, and recent funding woes that left counseling agencies without federal funding for a period of time in 2011-2012, some have looked into pre-counseling solutions in an effort to make the most of the time counselors do spend with borrowers.  From online sessions to conference calls where preliminary [...]

For people with mortgage troubles, Department of Housing and Urban Development-supported housing counseling is often the last place they look to for help.  Most are likely to first go to friends and family, and then to their lender. Finally, they will seek housing counseling support, say recent results of a survey conducted by Money Management [...]

While some lenders are now marketing to the reverse mortgage borrower who is not looking for a long-term financial fix, some industry affiliates are also beginning to note the potential for a new type of borrower to emerge. During a Congressional hearing last week, a National Council on Aging representative spoke of the “new trend” [...]

Legislation passed in Massachusetts could negatively impact the reverse mortgage industry, a Banker and Tradesman article published last week argues. The article, penned by Tony Lopes, housing director for Cambridge Credit Counseling Corp., indicates that while the industry has seen a decrease in volume and higher fallout rates, a bigger issue may arise for Massachusetts [...]

A California assembly bill that previously made a push for mandatory face-to-face reverse mortgage counseling throughout the state has been amended to make the face-to-face stipulation optional for all people attending the counseling. The bill, introduced in March by Assembly member Susan Bonilla (D-Calif.), follows Department of Housing and Urban Development guidelines, but previously went [...]

Following a rocky year for reverse mortgage counseling funding in fiscal year 2012, a Senate subcommittee has already said “yes” to counseling funds for 2013. The Senate Transportation, Housing and Urban Development (THUD) Appropriations bill, passed last week by the Senate Appropriations Committee, includes $55 million for housing counseling, including Home Equity Conversion Mortgage (HECM) counseling. [...]