Reverse Loans & HUD Counseling
In the period of time since I have been a Reverse loan consultant, the counseling process has changed considerably and soon there will be additional questions that a senior must be able to answer when the HUD approved counselor is talking with them.
These changes will be occurring within a month or two and before the year is over, plus there will be additional changes to the FHA Mortgage Insurance Premium as well, resulting in less money to the applicant.
Meanwhile, depending on where the senior lives, they might be able to complete the counseling requirement, by meeting the counselor right in the the comfort of their home.
“The Homeownership Center, a division of Consumer Education Services Inc., a Raleigh-based national nonprofit organization, announced it has been re-certified by the Department of Housing and Urban Development to provide reverse mortgage counseling.
As part of new HUD protocols, individual counselors are requires to pass an exam.
‘This new process dramatically reduced the number of counselors not only in North Carolina, but all across the United States,’ says the company. ‘Because of this shortage, many reverse mortgage clients have to wait up to two months to get an appointment to schedule a session which is mandatory in order for them to get a reverse mortgage.’
The agency said it’s able to provide assistance to residents in ‘the Triangle’ and some surrounding areas.
‘We are willing and able to travel to assist residents because this education is necessary, and we are among the few qualified to provide the counseling’ said Leigh Lester Holmes, ?Housing Program Manager at CESI.”
Reverse Mortgage Daily