Friday, April 8, 2011

REVERSE MORTGAGE: National Council on Aging Offers Free Reverse Mortgage Counseling

As older adults continue to face financial challenges in the sluggish economy, the National Council on Aging will offer free counseling for seniors through its Reverse Mortgage Counseling Services Network.

RMCS counselors are waiving the usual $125 counseling fee in order to help more home owners understand how reverse mortgage loans, along with community programs and other options, could help them remain in their homes. Consumers age 62+ can schedule a free reverse mortgage counseling session by calling 1-800-510-0301.

“Many home owners are struggling in this economy, and with the looming budget cuts in senior services on Capitol Hill, it may make things more difficult for those in need,” said Barbara R. Stucki, Ph.D., vice president of Home Equity Initiatives for NCOA. “With this in mind, we are happy to offer free counseling so that older adults can learn how to make smart decisions about using their home equity at a time when other resources may be decreasing.”

Generally, RMCS counselors do not charge a fee for counseling upfront, only at the time of closing, if the client decides to take out a reverse mortgage. RMCS counseling is always free for clients with annual incomes of less than $20,000 for individuals or $30,000 for couples.

NCOA also offers a consumer booklet on reverse mortgages, Use Your Home to Stay at Home. March 29, 2011 Source: National Council on Aging
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