Consumer Credit Counseling Service of Montana is now offering free reverse mortgage counseling for the next six months said a company statement. The free counseling is possible after receiving $90,000 to deliver HECM counseling services through a US Department of Housing and Urban Development grant.
“We determined that it best meets both the consumer and broker/lender needs to offer the free counsels through the HUD funding,” said Tom Jacobson, Executive Director for CCCS of MT.
The agency tentatively plans to revert to the standard $125 counseling fee, which can be financed in closing costs when the HUD grant runs out said the company. Based upon current numbers, they expect to offer the free sessions through at least September.
While the HUD regulations stipulate certain national and local counseling agencies to include on the referral list, adding additional agencies is at the brokers discretion said the company. “We hope that brokers/lenders will expand their lists to include additional agencies that are committed to the highest quality service on both ends,” said Jacobson.
In the past three years, CCCS of MT told RMD it has completed 10,141 HECM counseling sessions.