The Department of Housing and Urban Development has launched an effort to survey all reverse mortgage borrowers who have gone through counseling, in an aim to determine its effectiveness. The survey will be distributed shortly by either mail or email, when email is available, and HUD is calling for all comments to be submitted by [...]

Reverse mortgage borrowers are increasingly getting younger according to a recent report by the MetLife Mature Market Institute and the National Council on Aging. Additionally, borrowers are using reverse mortgages for different purposes today versus several years ago. Younger borrowers are using the loans to pay off debt more than in the recent past, the [...]

As a result of newly awarded grant funding from the Department of Housing and Urban Development and an additional private grant, housing and credit counseling agency Money Management International will reintroduce free reverse mortgage counseling beginning April 1. The counseling will be available free of charge by phone and in person across the 20-plus states [...]

When the Financial Interview Tool (FIT) was rolled out as part of the new reverse mortgage counseling protocols in August 2010, many in the industry felt the Department of Housing and Urban Development had gone too far Developed by the National Council of Aging (NCOA), the tool is a guide that counselors use to ask a [...]

Seniors seeking reverse mortgage counseling can now find it for free at several agencies across the country, including CredAbility. The Atlanta-based national counseling agency announced today that recent grant funding made available by the Department of Housing and Urban Development will allow for free reverse mortgage counseling for all interested borrowers. “HUD’s new grant will [...]

Some borrowers will again have access to free reverse mortgage counseling, after many agencies were forced to reintroduce—and increase—fees last year upon funding cuts. Upon funding of $4 million allocated specifically for reverse mortgage counseling as part of $42 million for housing counseling overall, agencies say the funds are much needed, and they are already [...]