National Council on Aging (NCOA) announced it will offer free counseling for seniors through its Reverse Mortgage Counseling Services (RMCS) Network.
For the next three months, RMCS counselors are waiving the usual $125 counseling fee in order to help more homeowners understand how reverse mortgage loans can help them remain in their homes.
“An increasing number of older adults are struggling with day to day expenses, yet have considerable value in their homes. Home equity can keep small financial challenges from becoming overwhelming problems, but many homeowners need guidance on how and when to use this asset,” said Barbara R. Stucki, Ph.D., Vice President of the Home Equity Initiative for NCOA. “We are offering free counseling so that more older adults can learn how to use their home equity at a time when other assets may be depleted.”
Following the end of free counseling, NCOA will not charge fees upfront, only at the time of closing should the client decide to take out a reverse mortgage.
In addition, NCOA has always provided counseling at no cost for clients with annual incomes of less than $20,000 for individuals or $30,000 for couples.