Seniors seeking reverse mortgage counseling can now find it for free at several agencies across the country, including CredAbility.
The Atlanta-based national counseling agency announced today that recent grant funding made available by the Department of Housing and Urban Development will allow for free reverse mortgage counseling for all interested borrowers.
“HUD’s new grant will enable us to offer counseling at no cost to thousands of homeowners across the country considering a reverse mortgage,” said Brian Oliver, vice president of housing counseling for CredAbility. “Homeowners need to educate themselves and understand all the benefits and risks of a reverse mortgage. Free counseling will help them gather all of the information they need before deciding if a reverse mortgage loan is right for them.”
Upon the funding announcements, several agencies said they would be able to offer free counseling, while others were still working to determine how the grants will impact their reverse mortgage fees.
Historically, agencies have been able to offer free counseling, but many agencies were forced to reintroduce fees after funding was cut in 2011.
Written by Elizabeth Ecker