NCOA Announces Free Reverse Mortgage Counseling

National Council on Aging (NCOA) announced it will offer free counseling for seniors through its Reverse Mortgage Counseling Services (RMCS) Network.  For the next three months, RMCS counselors are waiving the usual $125 counseling fee in order to help more homeowners understand how reverse mortgage loans can help them remain in their homes. “An increasing […]

HUD to Release New Financial Interview Tool for HECM Counselors

The US Department of Housing and Urban Development will publish a new reverse mortgage counseling protocol next month according to the National Reverse Mortgage Lenders latest Monday Report.  After the protocol is published, HUD said it will take effect 30 days later.  Included in the new protocol is a new financial interview tool (FIT) that […]

Judge Voids Reverse Mortgage, Says Counseling Fails to Prove Competency

In a ruling last month, Charles J. Thomas, a New York Supreme Court Judge voided a reverse mortgage and its subsequent refinancing on the grounds that the borrower’s mental illness made her unable to understand the reverse mortgage. In the case, Matter of Doar, 31393/07, the borrower, Ms. Hermina Brunson, took out a reverse mortgage […]

Counseling Agency Announces Free Reverse Mortgage Counseling Nationwide

Consumer Credit Counseling Service (CCCS) of Greater Atlanta announced it will be offering free reverse mortgage counseling sessions nationwide. The agency received a $1.8 million grant from the U.S. Department of Housing and Urban Development (HUD) which enables CCCS of Greater Atlanta to provide more than 12,500 reverse mortgage counseling sessions at no cost through […]

CCOA Announces Free Reverse Mortgage Counseling

Credit Counseling of Arkansas (CCOA) announced that it will be providing free reverse mortgage counseling to customers starting Jan. 1st, 2010. CCOA received a $18,000 grant from the US Department of Housing and Urban Development and will be offering counseling at no charge until the funds are exhausted said a company statement. HECM counseling is […]

HUD Says Counselors Will Be Able to Issue Backdated HECM Certificates

The US Department of Housing and Urban Development sent a notice to all HUD approved counseling agencies stating that effective December 18, 2009, reverse mortgage counselors will be able to issue backdated HECM certificates to replace those certificates that were not generated in FHA Connection during Oct. 2, 2009 – December 17, 2009.  The counselor […]

NCOA Plans to Expand Reverse Mortgage Counseling Network With New Hire

The National Council on Aging (NCOA) has promoted Barbara Stucki, PhD, to the position of vice president, Home Equity Initiatives.  She previously served as director, Reverse Mortgage Counseling Network and Home Equity Initiatives. “Barb’s extensive research and leadership in the home equity field has positioned NCOA as a leading advocate for older adults who are […]

FHA Developing Method to Mathematically Determine Reverse Mortgage Eligibility

The Federal Housing Administration will issue preliminary regulations that would be the first step in developing a method to mathematically determine a borrower’s eligibility for a reverse mortgage said Meg Burns, the director of the FHA’s office of single-family program development in a New York Times article. The administration recently implemented a new set of […]

AARP Showing More Support for Reverse Mortgage Industry

Over the past few weeks I’ve been seeing hearing from more people about their frustration with AARP and their support (or lack there of) for reverse mortgages. Whether or not you like AARP, the organization has been supportive of the program and the industry.  For example, while most people are quick to say that AARP […]

Neighborworks Gets Grant For Reverse Mortgage Mortgage Education Product

NeighborWorks America announced that it received $4,860,802 in funding from the U.S. Department of Housing and Urban Development to help support training and certification opportunities for thousands of counselors from HUD-approved nonprofit counseling agencies. “The grants announced by Secretary Donovan provide tremendous support for the critical housing counseling and training activities being carried out by […]