Labor Day Round-Up: HUD’s Major Reverse Mortgage Shake-Up

After a blockbuster week in the world of reverse mortgages, you’ve earned a relaxing Labor Day weekend. All of us at RMD wish you a wonderful break, and don’t forget to take a second to tip your cap to the workers — of all kinds and walks of life — who keep our country running […]

HUD Awards $50M in Housing Counseling Grants

The Department of Housing and Urban Development on Thursday awarded $50.6 million in counseling grants to agencies across the country, following through on one of Ben Carson’s key initiatives so far in his tenure as secretary. The vast majority of the grant cash — about $47 million — will go directly to hundreds of national, […]

Reverse Mortgage Assistance Program Gains Traction

The initial results of a pilot program aimed at assisting seniors with mortgage services — including reverse mortgage borrowers in danger of foreclosure — indicate a growing use of these resources in areas across the nation. Launched last year by non-profit organization HOPE NOW, the pilot includes several full-day events in California that offer reverse […]

CIT, OneWest Contribute to Reverse Mortgage Counseling Program

CIT Bank and its retail subsidiary, OneWest Bank, awarded a $335,000 grant to fund counseling for seniors in danger of tax-and-insurance reverse mortgage foreclosures in California. The money will help a pair of organizations — the Atlanta-based ClearPoint Credit Counseling Solutions and the Hope Now Alliance of Washington, D.C. — host events throughout the state […]

Housing Counseling Agency Opens N.Y. Branch to Meet Reverse Mortgage Demand

Responding to a demand for face-to-face Home Equity Conversion Mortgage (HECM) counseling in New York State and a lack of available counselors to meet this need, one HUD-approved Housing Counseling Agency is opening a new branch next month with a team of counselors to deploy in force. For years, Agawam, Massachusetts-based Cambridge Credit Counseling Corp. […]

HUD Dishes More Details on Reverse Mortgage Counseling Rules

One week after publishing its final rule on housing counseling certifications, the Department of Housing and Urban Development (HUD) held a stakeholders call on Monday to discuss the finer points of its new requirements for agency-approved housing counselors, including what the final rule means for reverse mortgage counselors. Under the final rule, housing counselors will […]

Friday Round-Up: Reverse Mortgage Roadblocks, New HUD Counseling Rules

It was another busy week for all things reverse mortgage news. Researchers revealed some of the largest roadblocks to reverse mortgage usage among older homeowners, while a new report from Harvard University proposed the use of reverse mortgages as a financially feasible solution to meet the aging in place demands of the United States’ soaring […]

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 […]