With the new HECM Counseling protocols only days away, the Department of Housing and Urban Development released the Reverse Mortgage Toolkit to help counselors with the transition.
Developed by the National Council on Aging, the toolkit is a series of online tools that include the Financial Interview Tool, Benefits Check Up, and other resources. The tools were designed not just to look at the risk a client may have, but also play a larger role in the development of the HECM program.
“The tools are an important source of data for HUD on reverse mortgage clients,” said Betsy Cromwell, Housing Specialist at HUD during a training session. “The data collected from the tools will be used to shape HECM policy and to strengthen the reverse mortgage counseling program to better protect consumers.”
The protocols require that counseling agencies use the toolkit when working with borrowers interested in reverse mortgages. Counselors can access the toolkit through a HUD-approved Client Management System or through IBIS.
The new HECM Counseling protocols begin September 11, 2010.