MMI Offering Free Reverse Mortgage Counseling

image Money Management International (MMI) announced that as of July 1st, 2009 it’s no longer charging clients for reverse mortgage counseling.  According to a company statement, MMI believes it has sufficient grant funds to cover expenses until at least October 2009, at which time new HUD grant funds will become available.

MMI expects there will be large demand for HECM counseling, so it will limit capacity to about 3,500 sessions each month, but all seniors calling MMI to receive counseling by phone or in any of its branches will not be charged.

MMI is a national intermediary, so it should be listed on every counseling list given to a client.  However, HUD does not permit lenders to steer to any particular agency, but having a no cost option for counseling is a great thing to have. 

Advertisement

Money Management International (MMI) and its family of Consumer Credit Counseling Service (CCCS) agencies make up the largest nonprofit, full-service credit counseling agency in the US and provides counseling 24/7.