Reverse mortgage lenders and servicers should have a legal fiduciary duty to act only in the best interest of borrowers. This should include considering if taking out a reverse mortgage puts the borrower at risk of losing their home, as well as, whether other financial products might better meet the needs of the borrower and their family.
Cambridge is a 501(c)(3) non-profit agency with an A+ Better Business Bureau rating, and we’re proud to be the top-rated credit counseling agency by ConsumerAffairs.com. Cambridge is also a HUD-approved housing counseling agency, and we provide both bankruptcy and reverse mortgage counseling services.
· Featuring Gene Spencer, CEO. Some reverse mortgage counseling agencies received a financial boost Wednesday when the U.S. Department of Housing and Urban Development announced $47 million in grants to housing counseling organizations across the country.
– Home Improvement and Rehabilitation Counseling – Mortgage Delinquency and Default Resolution Counseling – Non-Delinquency Post Purchase Workshops – Pre-purchase Counseling – Pre-purchase Homebuyer Education Workshops – Predatory Lending Education Workshops – Rental Housing Counseling – Reverse Mortgage Counseling – Services for Homeless.
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Reverse Mortgage Counseling. The decision to take out a reverse mortgage is not one that should be taken lightly. There are many nuanced factors to take into account, and it is important to understand the full implications for the homeowner, surviving spouse in the case of married homeowners, and any heirs.
Reverse Mortgage Counseling Your Path to Retaining Homeownership Begins Here! Are you 62 years of age or older? If so, you may be eligible for a Reverse Mortgage, a valuable retirement loan that turns the equity you have built up in your home into tax-free cash flow.
Reverse mortgage advocates in the state have long worked against passage of the face-to-face requirement, citing challenges having to do with borrowers traveling to in-person counseling sessions and a.
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Steps to receiving a reverse mortgage counseling certificate: The list must include all HUD-approved counseling intermediaries that can provide telephonic counseling, as well as five (5) counseling agencies within your local area, state or both, with at least one of the local agencies located within a reasonable driving distance for the purpose of face-to-face counseling.
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