A counseling professional describes how important new funding from HUD will be in increasing capacity, and allowing reverse mortgage borrower more options to avoid default.
Category: Counseling
HUD has announced the availability of $51 million in housing counseling funds, and specifically cites an effort to address reverse mortgage foreclosures through this action.
The Massachusetts State Legislature has extended a series of relief measures related to the COVID-19 pandemic, adding an additional six months to allow for phone and video-based reverse mortgage counseling. A more permanent measure is under consideration.
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 […]
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