HUD Issues New Certification Standards for Reverse Mortgage Counselors

The Department of Housing and Urban Development (HUD) will soon require that housing counselors participating in HUD programs gain certification to offer counseling services to consumers, according to a final rule issued by the agency this week. To become certified, counselors must pass a standardized written examination and work for a HUD-approved housing counseling agency […]

HUD Grants $42 Million to Housing Counseling Agencies

To make National Homeownership Month even more noteworthy, the U.S Department of Housing and Urban Development (HUD) has awarded $42 million in housing counseling grants to hundreds of national, regional and local organizations. The grants, which were announced at a White House gathering to commemorate the month-long theme of “Dare to Own the Dream,” aim […]

HUD Creates First-Ever Housing Counseling Advisory Committee

Today, the U.S. Department of Housing and Urban Development (HUD) named the 12 individuals who will make up the first-ever Housing Counseling Federal Advisory Committee (HCFAC). The advisory panel was established under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and will help HUD’s Office of Housing Counseling improve all efforts to […]

NCOA and GreenPath Partner on Reverse Mortgage Counseling Services

The National Council on Aging (NCOA) and GreenPath Financial Wellness recently announced a partnership to provide older Americans with unbiased reverse mortgage counseling, among other financial services. Regardless of how much retirement savings older adults have, more than 61% of households headed by an adult over age 60 carry some form of debt, making economic […]

N.J. County Adds Legal Aid to Reverse Mortgage Counseling Program

New Jersey’s Bergen County this week expanded its reverse mortgage counseling services to include legal aid for income-qualified seniors facing foreclosure, according to various reports from several local media outlets. On Wednesday, the Bergen County Board of Chosen Freeholders adopted a resolution authorizing $20,000 in funding to allow the county’s Division of Senior Services, which […]

Friday Round-Up: HUD Plans to ‘Mystery Shop’ Reverse Mortgage Lenders

Congratulations on making it to another Friday—the weekend is in sight! A lot has happened in the past seven days, but in case you missed it, here’s what went down in reverse mortgage news this week: HUD Plans to ‘Mystery Shop’ Lenders for Reverse Mortgage Counselor Steering—Reverse mortgage lenders may soon find themselves subject to […]

Friday Round-Up: Counseling Debunks Common Reverse Mortgage Myths

Congratulations on making it to another Friday. The weekend is in sight, but until then, in case you missed it, here’s what happened in reverse mortgage news this week: The Truth About Reverse Mortgages and Heir Legacy—A prevalent myth about reverse mortgages is they drain home equity, leaving little to nothing left for heirs upon […]

Most Common Reverse Mortgage Myths Debunked During HECM Counseling

From an educational standpoint, Home Equity Conversion Mortgage (HECM) counselors are the first line of defense in the ongoing struggle to dispel the most common reverse mortgage myths and misconceptions. Mandatory HECM counseling provides seniors with the necessary exposure to make an informed decision about getting a reverse mortgage. Like originators, the job of a […]

Friday Round-Up: Reverse Mortgage Stigmas, Top Wholesale & Retail Lenders

In case you missed it, here’s what happened in reverse mortgage news this week: The Top Reverse Mortgage Lenders for Retail, Wholesale Growth in 2015—Reverse mortgage wholesale volume bounced back to end 2015 on a positive note. But although total endorsement counts were less than what some industry leaders expected, 2015 was a big growth […]