The National Council on Aging (NCOA) received $2.53 million from the Department of Housing & Urban Development (HUD) to counsel seniors on the benefits and risks of reverse mortgages through its National Reverse Mortgage Counseling Services Network.
NCOA is one of five HUD approved Counseling Intermediaries that provide mandated counseling nationwide to older adults who are considering a reverse mortgage.
“As Boomers retire, many will look for solutions to help them remain economically secure and in their own homes,” said James Firman, CEO for NCOA. “Unbiased counseling is essential to keeping them informed about their options when considering a reverse mortgage.”
Part of the funds will go towards assisting Area Agencies on Aging (AAAs) and state Aging and Disability Resource Centers (ADRCs) to develop reverse mortgage counseling strategies as part of their overall services and supports for seniors in their area.
“By helping older adults evaluate the pros and cons of a reverse mortgage—plus find other available benefits and programs—our reverse mortgage counseling gives them a more complete picture of what they need to successfully aging in place,” says Barbara Stucki, vice president for Home Equity Initiatives at NCOA. “This grant will further those efforts.”
For 2011, HUD provided $9.5 million of HECM counseling grants, an increase of 21%.