Washington, DC – July 8, 2013 – (RealEstateRama) — The National Council on Aging (NCOA) has announced special reduced counseling fees?$90, down from $125—for older homeowners considering a Home Equity Conversion Mortgage (HECM), popularly known as a reverse mortgage.
Anyone who seeks a reverse mortgage must obtain counseling from a government-approved agency. NCOA’s Reverse Mortgage Counseling Services Network is one of nine national groups approved by the U.S. Department of Housing & Urban Development (HUD) to provide this counseling.
In addition to assisting homeowners to evaluate the pros and cons of a reverse mortgage, NCOA’s counseling professionals can help screen them for public and private benefits that can help pay for basic needs and find services in the community that can help older adults stay independent longer.
“Reverse mortgages can be a lifeline for older homeowners who wish to meet their financial needs, but there are costs involved,” said Amy Ford, director of NCOA’s Reverse Mortgage Counseling Services Network. “Getting objective counseling about available options, and gaining a better understanding of these products, is vital to ensuring consumer protection.”
The $90 reduced counseling fee is available through Sept. 30, 2013. Older adults facing financial hardship, such as foreclosure or bankruptcy, or with incomes less than $1,000/month may have this fee waived. To schedule a counseling session, call toll-free (800) 510-0301.
NCOA also offers a consumer booklet on reverse mortgages, entitled Use Your Home to Stay at Home™. The booklet, and additional information on reverse mortgages, can be downloaded for free at www.ncoa.org/reversemortgage. Consumers also may wish to use NCOA’s Home Equity Advisor website to explore other options for using their home equity to remain healthy and independent.
About NCOA The National Council on Aging is a nonprofit service and advocacy organization headquartered in Washington, DC. NCOA’s mission is to improve the lives of millions of older adults, especially those who are vulnerable and disadvantaged. NCOA is a national voice for older Americans and the community organizations that serve them. It brings together nonprofit organizations, businesses, and government to develop creative solutions that improve the lives of all older adults. NCOA works with thousands of organizations across the country to help seniors find jobs and benefits, improve their health, live independently, and remain active in their communities.
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