Senate Subcommittee Says “Yes” to 2013 Reverse Mortgage Counseling Funds

Following a rocky year for reverse mortgage counseling funding in fiscal year 2012, a Senate subcommittee has already said “yes” to counseling funds for 2013.

The Senate Transportation, Housing and Urban Development (THUD) Appropriations bill, passed last week by the Senate Appropriations Committee, includes $55 million for housing counseling, including Home Equity Conversion Mortgage (HECM) counseling.

The entire spending bill, totaling $53.4 billion, is down $4 billion from its 2012 enacted level. The bill next goes to a full vote of the Senate.The House will also submit its own appropriations bill, but has yet to do so.

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Housing counseling funding was cut from the 2012 fiscal year budget in a last-minute budget deal in April 2011, and was later reintroduced after the start of fiscal year 2012.

Fiscal year 2013 begins October 1, 2012.

Written by Elizabeth Ecker

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    • PolicyPolice,
      It’s my understanding that the amount approved includes HECM counseling funding, but that the specific amount for HECM counseling has not been determined.

      Elizabeth

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