Hunch, Helping to Determine Suitability for a Reverse Mortgage?

Reverse mortgage counseling is an important part of the process and lenders and counselors would agree that it can be improved.  Despite HUD’s plan to eventually release new HECM counseling protocols, one issue that still needs to be addressed is the “suitability” issue which continues to be a concern from legislators. I came across Hunch […]

FHA Connection Issues for Reverse Mortgage Counselors and Lenders

I’ve been hearing from several HECM counselors and reverse mortgage lenders about the problems associated with some of the new counseling procedures and FHA Connection.  Below is an article written by Enrique M. Juarez, HECM Manager, CCCS of Orange County to help explain some of the issues. Technology First I would like to deal with […]

HUD Awards $8 Million in Reverse Mortgage Counseling Grants

The U.S. Housing and Urban Development awarded $60 million in housing counseling and training grants to help assist families in becoming first-time homeowners and remain homeowners after their purchase said a statement from HUD.   “Now, more than ever, it is crucial that Americans better understand how to manage their money, navigate the homebuying process, and […]

Implementation of HECM Principal Limit Reduction, “A Nightmare” says Industry

There has been a flood of potential reverse mortgage borrowers trying to schedule counseling before HUD implements a 10% reduction in principal limits for its Federal Housing Administration (FHA) insured reverse mortgage product. Reverse mortgage lenders who obtain a FHA case numbers by September 30 can help their borrowers receive more proceeds, but not all […]

Nevada Task Force Warns of Fraudulent Reverse Mortgage Counseling

Channel 8 in Las Vegas is reporting that scammers are targeting seniors through reverse mortgages using a tactic called fraud counseling. "A senior may not know they are eligible for $100,000 in equity for their home — they may think it’s only $60,000,” said Elisabeth Daniels with Nevada’s Fight Fraud Task Force.  “If they get […]

HUD Seeks to Find Balance in Reverse Mortgage Counseling Sessions

As HUD labors over changes to its counseling requirements for reverse mortgage recipients, questions persist about what expanded role the government – and by decree, individual private lenders – will play in attempting to ensure, or perhaps, even guarantee, that seniors fully understand all aspects and ramifications of the deal they are making. “Strengthening objectivity […]

HUD Establishes Reverse Mortgage Counseling Roster and Standards

The U.S. Department of Housing and Urban Development published a final rule which establishes testing standards to qualify HECM counselors in order to provide reverse mortgage counseling to prospective borrowers.  The rule also establishes a new HECM Counseling Roster of eligible counselors who must meet the following eligibility requirements: Have passed the National HECM Counseling […]

Another Reverse Mortgage Counselor Goes Free

Just a few weeks after Money Management International announced that it was offering free reverse mortgage counseling, the National Council on Aging (NCOA) is doing the same for seniors through its Reverse Mortgage Counseling Services (RMCS) Network said a company statement.  RMCS counselors will waive the usual $125 fee to help older homeowners understand how […]

MMI Offering Free Reverse Mortgage Counseling

Money Management International (MMI) announced that as of July 1st, 2009 it’s no longer charging clients for reverse mortgage counseling.  According to a company statement, MMI believes it has sufficient grant funds to cover expenses until at least October 2009, at which time new HUD grant funds will become available. MMI expects there will be […]