Affordable HECM Reverse Mortgage Counseling
For the protection of older homeowners, considering a reverse mortgage
, the Federal Holusing Administration
requires them to attend mandatory reverse mortgage counseling and come back with a signed document that confirms they attended their counseling session. The Department of Housing and Urban Development
approved an allocation of $40 million for reverse mortgage counseling
, in June, with the hope of helping homeowners better understand the rules and regulations involved with a reverse mortgage.
Until now, however, Florida-based debthelper.com
, has been the only low cost reverse mortgage counseling option at $89. The good news is that National Council on Aging
haslowered the fees on reverse mortgage counseling from $125 to $90
through September 30 and now offers waivers for older adults facing financial problems such as bankruptcy or with an income less than $1,000 dollars a month.
What does this mean for reverse mortgage counseling?
Senior homeowners will now have access to affordable reverse mortgage counseling (and its many benefits
) in order to fully understand the reverse mortgage application process. In addition, these waivers will provide a much needed financial break to homeowners n dire economic states.
The fact of the matter is, a percentage of seniors who apply for a reverse mortgage are impoverished–or on their way there–and waivers on counseling helps them follow through with their application without having to be buried under massive charges.
In a previous post, I talked about reverse mortgage competition
and how it will be unhealthy for consumers as well as for brokers who work with FHA
-insured reverse mortgages. These waivers further prove that private companies dealing in reverse mortgages are unsuitable. If you are a private company, all your funds come from within, making you more cautious and less likely to spend money providing services–like counseling–that might lead to nowhere.
With government-backed lending, the possibilities for struggling seniors are endless, providing financial help in a time of lowered, or low, cash flow. If you think a reverse mortgage
is right for you, let us know at PS Financial Services
by phone at (888) 845-6630 or via email at info@PSReverseMortgage.com
Click here for more information about the elimination of the reverse mortgage program as we know it: