A new $100 million mortgage counseling program granted by the recently-passed American Rescue Plan Act looks to have application to borrowers of reverse mortgages, according to the text of the law and a senior housing director at a counseling organization.
Reverse mortgage counselors are outpacing others overseen by HUD in a key compliance metric, while HECM counseling overall has dropped slightly according to data shared at the NRMLA Virtual Policy Conference by David Berenbaum, deputy assistant secretary in HUD’s Office of Housing Counseling.
Reverse mortgage counselors are seeing an increased level of volume in 2020 which may partially be attributed to the COVID-19 coronavirus pandemic, but the source of the additional volume varies between counselors based on location and borrower needs. This is according to a panel discussion between reverse mortgage counselors which took place at the National […]
Reverse mortgage counseling is an essential component of the full reverse mortgage transaction, and while some counselors perform customary check-ins with their borrowers after the initial session, the idea of more concerted post-closing counseling is something to consider for borrowers. This is the perspective shared with RMD by counseling professionals at two different national counseling […]
Insurance services provider Mutual of Omaha has expanded the scope of its needs analysis software, Navigator, to encompass a client’s housing wealth situation into their individual profile. This is a move which will allow financial advisors to get a fuller understanding of a client’s situation by including housing wealth in their advisor/client conversations, something which […]
A pivotal requirement for remaining in good standing on a reverse mortgage loan is keeping the home in good condition, as well as staying up-to-date with all associated taxes, fees and homeowners insurance. Often, reverse mortgage originators work with borrowers to determine the best path forward for making sure that a borrower keeps up with […]
Reverse mortgage clients appear to be better-prepared for their counseling sessions regarding their understanding of the reverse mortgage product category, a potential sign that the industry itself is doing an effective job of responding to the financial need that the COVID-19 coronavirus pandemic has created. However, it’s also more difficult to operate in this environment […]
Reverse mortgage counseling sessions have increased as more seniors seek out ways to soften the financial shock endured by the country during the COVID-19 coronavirus pandemic, but the reasons that seniors ultimately seek a reverse mortgage are not uniformly consistent. This is according to perspectives compiled from counselors at three major agencies which conduct reverse […]
The Department of Housing and Urban Development (HUD) on Tuesday awarded nearly $40 million in counseling grants to agencies across the country, according to a statement released by the Department. However, this year’s award amount has dropped for the third consecutive year in a row. Housing counseling agencies approved by HUD will use grant funds […]
The Massachusetts state Division of Banks has issued new industry guidance related to the in-person counseling requirement for reverse mortgage loans as a result of the outbreak of the COVID-19 coronavirus. The guidance stems from recent legislation signed into law by Governor Charlie Baker last week, which features a provision permitting telephone or video counseling […]