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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.

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