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 […]

HUD Estimates $30 Billion in Reverse Mortgages For FY 2010

When the Department of Housing and Urban Development unveiled its 2010 budget request last month, it included a request for $798 million credit subsidy for the FHA’s reverse mortgage program.  It’s the first time HUD has requested a subsidy for the program and left many questioning if the HECM needs to change in order ensure […]

HUD Offers $8 Million For Reverse Mortgage Counseling

The US Department of Housing and Urban Development announced that more than $58 million is available for a broad range of housing counseling programs to help families and preserve housing.  The funding is an increase of $11 million, up 23% from last year according to a statement from HUD. “Now, more than ever, it is […]

FTC Alert: Identifying False and Misleading Claims Related to Reverse Mortgages

The Federal Trade Commission published Housing Counselors: How to Help People Avoid Reverse Mortgage Missteps to provide guidance for counselors in indentifying false and misleading claims related to reverse mortgage offers.  As an example, the FTC said that some unscrupulous lenders may try to mislead seniors about the key features of a reverse mortgage or […]

Reverse Mortgage Counseling Exam Details Emerge

As part of the Department of Housing and Urban Development’s changes to HECM counseling, all HECM counselors will need to pass an exam to demonstrate their knowledge of reverse mortgages.  In cooperation with HUD, AARP Foundation’s Reverse Mortgage Education Project (RMEP) will be administering the HUD HECM Counselor Exam.  The HECM counseling exam has 100 […]

Survey Finds People Are Tapping Retirement Accounts Before Counseling

More people are tapping into retirement accounts despite the negative financial consequences, but wind up struggling to pay their mortgage anyway, said the Consumer Credit Counseling Service (CCCS) of Greater Atlanta.  The counseling agency found that 29.6% of the people who called the nonprofit agency for foreclosure prevention counseling received an early distribution from their […]

Financial Assessments for Reverse Mortgage Borrowers?

With echoes of earlier calls for “net tangible benefits” from the forward world resonating, suggestions now are being floated for “financial assessments” of seniors in the mood for a reverse mortgage. Washington, D.C. attorney Jim Milano says “one policy [question] floating around is whether seniors need some kind of financial assessment and, if so, who […]