Massachusetts Senate Passes Bill to Require in Person Counseling, Gets Interesting

The Massachusetts state Senate unanimously approved legislation to require that seniors receive face to face counseling sessions before they enter into a reverse mortgage. Sen. Susan Tucker (D-Andover) sponsored the legislation and told ItemLive “it was the wild west for many seniors,” adding she’d heard story after story of sad people selling annuities and convincing […]

As Complaints Increase, HUD to Address HECM Non-Borrowing Spouse Issue

During the National Reverse Mortgage Lenders Association’s Road Show, Erica Jessup, program specialist at the US Department of Housing and Urban Development said complaints about non-borrowing spouses being forced to move out of the home after the HECM borrower passes away are increasing. “These borrowers were told the loan was assumable, or a loan officer […]

MMI Offering Free Reverse Mortgage Counseling

Money Management International (MMI) announced it will be offering free reverse mortgage counseling sessions starting May 1, 2010. Enabled by a $1.4 million grant from the US Department of Housing and Urban Development, MMI said has sufficient grant funds to cover expense through September 2010, at which time new HUD grant funds will become available. […]

PBS Interview with Consumer Credit Counseling Service of Dallas

Public Television and Radio for North Texas published an interview with Todd Mark of Consumer Credit Counseling Service of Dallas discussing reverse mortgages. Sam Baker talks with Mark about reverse mortgages which you can read in the interview below. In this current economy, some people may be considering a reverse mortgage – a loan that […]

CCCS of Montana Offering Free Reverse Mortgage Counseling

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 […]

NCOA Launches New Service Centers to Offer Free Counseling and Support to Seniors

The National Council on Aging (NCOA) launched an Economic Security Initiative that includes both community-based support services and national advocacy efforts at the Aging in America Conference, a national symposium on aging issues that took place in Chicago last week. With $1 million in grant support from the Harry and Jeannette Weinberg Foundation, NCOA’s Economic […]

Reverse Mortgage Counseling Association Launches Search Tool for Lenders

The Reverse Mortgage Counseling Association (RMCA) released a new tool to help lenders and borrowers find HUD approved counseling agencies. Consumers can use the tool to choose a HUD approved RMCA member housing counseling agency and register online or call the unique toll free number of the agency located right under the agency’s name for […]

Less than 1000 Reverse Mortgage Counselors Have Passed Exam says HUD

The US Department Housing and Urban Developments decision to require reverse mortgage counselors pass an exam is stumping veteran housing specialists says the Post and Courier. A HUD spokesman said the agency “acknowledges the test is intentionally difficult, but we believe it needs to be so because of the vulnerable population who seek out reverse […]

CCCS of Greater Dallas Offering Free Reverse Mortgage Counseling in 2010

Consumer Credit Counseling Service of Greater Dallas announced it’s offering free reverse mortgage counseling throughout 2010.  The agency received approximately $350,000 in combined grants from the U.S. Department of Housing and Urban Development (HUD) and the National Foundation for Credit Counseling (NFCC). “It is not only necessary but critical that consumers considering a reverse mortgage […]

New Reverse Mortgage Counseling Tool Released

Alliance Credit Counseling released Reverse Mortgage Counseling Locator to assist both lenders and borrowers in finding approved counseling agencies. When borrowers enter their zip codes, the website automatically populates a list of ten HUD-approved HECM counselors (five local, five national) along with directions to the locations and shows what type of counseling is available: in […]