NCOA Announces Free Reverse Mortgage Counseling

image 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.”

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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.

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  • Why would any Loan Originator stop recommending his regular Counseling Companies just to pass on “free” counseling? I give the Senior an option: A list of the required number of State and Nationalrntelephone numbers, pointing out a couple who have received HUD Funds and, thus, may charge less if the Company hasn’t expended its funds already (which I do not understand why some get and others don’t), and underscore that scheduling times will surely vary (as well as the quality of the counselors and what it is asked and explained). Frankly, I would prefer face to face counseling with immediate delivery of the Counseling Certificate but the logistics are difficult for most Seniors: an in-home telephone counseling session will always be more convienent for most Seniors.

  • Despite providing all that was needed for the senior to go to counseling here in California under the post 2009 requirements, NCOA would not give the borrower counseling unitl they had sent out the same items — which is not required. Further it took a call to NCOA to find out why it was taking over two weeks to get back to the borrower and they stated she had simply slipped through the cracks — not exactly a confidence builder.

    The borrower described the experience as a real ordeal. She is younger and has the patience to endure the new protocol. She had to go completely through her finances, the booklet, and much more. Now instead of helping seniors understand HECMs, the counseling process may be becoming nothing more than an endurance test for seniors to pass. Even if a senior goes all the way through it, the real question is will what will the senior retain?

    The change in counseling over the last 7 years has been dramatic. I find it difficult to say that it is for the better.

  • Despite providing all that was needed for the senior to go to counseling here in California under the post 2009 requirements, NCOA would not give the borrower counseling unitl they had sent out the same items — which is not required. Further it took a call to NCOA to find out why it was taking over two weeks to get back to the borrower and they stated she had simply slipped through the cracks — not exactly a confidence builder.

    The borrower described the experience as a real ordeal. She is younger and has the patience to endure the new protocol. She had to go completely through her finances, the booklet, and much more. Now instead of helping seniors understand HECMs, counseling process may become nothing more than an endurance test for seniors to pass. Even if a senior goes all the way through it, the real issue is will the important issues be retained?

    The change in counseling over the last 7 years has been dramatic.

  • Why would any Loan Originator stop recommending his regular Counseling Companies just to pass on “free” counseling? I give the Senior an option: A list of the required number of State and National
    telephone numbers, pointing out a couple who have received HUD Funds and, thus, may charge less if the Company hasn't expended its funds already (which I do not understand why some get and others don't), and underscore that scheduling times will surely vary (as well as the quality of the counselors and what it is asked and explained). Frankly, I would prefer face to face counseling with immediate delivery of the Counseling Certificate but the logistics are difficult for most Seniors: an in-home telephone counseling session will always be more convienent for most Seniors.

  • Why would any Loan Originator stop recommending his regular Counseling Companies just to pass on “free” counseling? I give the Senior an option: A list of the required number of State and Nationalrntelephone numbers, pointing out a couple who have received HUD Funds and, thus, may charge less if the Company hasn’t expended its funds already (which I do not understand why some get and others don’t), and underscore that scheduling times will surely vary (as well as the quality of the counselors and what it is asked and explained). Frankly, I would prefer face to face counseling with immediate delivery of the Counseling Certificate but the logistics are difficult for most Seniors: an in-home telephone counseling session will always be more convienent for most Seniors.

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