Alliance Credit Counseling released Reverse Mortgage Counseling Locator to assist both lenders and borrowers in finding approved counseling agencies.
When borrowers enter their zip codes, the website automatically populates a list of ten HUD-approved HECM counselors (five local, five national) along with directions to the locations and shows what type of counseling is available: in person, by phone, or by webinar.
The service also enables lenders to print or email counseling lists to prospective borrowers, along with the NCOA’s “Use Your Home to Stay at Home” and HUD’s “Preparing for Your Counseling Session” letter. In addition, lenders have the ability to track which loan officers have sent out counseling materials to specific borrowers.
The service also provides borrowers the opportunity to save $10-$15 on their counseling session by filling out the budget worksheet or completing their budgets online.
Written by Reva Minkoff