Free Reverse Mortgage Counseling for Seniors Seeking to Use Home Equity

Author: National Council on Aging - Contact: www.ncoa.org
Published: 2011/03/25 - Updated: 2014/11/24
Contents: Summary - Introduction - Main - Related

Synopsis: NCOA offers free counseling for seniors through its Reverse Mortgage Counseling Services RMCS Network.

Introduction

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

Main Digest

RMCS counselors are waiving the usual $125 counseling fee in order to help more homeowners 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 homeowners are struggling in this economy, and with the looming budget cuts in senior services on Capitol Hill, its 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, NCOA 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, 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

Editor: Facts on Canadian Reverse Mortgages: Courtesy of www.chip.ca

Related Publications


Share This Information To:
𝕏.com Facebook Reddit

Page Information, Citing and Disclaimer

Disabled World is an independent disability community founded in 2004 to provide news and information to people with disabilities, seniors, their family and carers. You can connect with us on social media such as X.com and Facebook.

Cite This Page (APA): National Council on Aging. (2011, March 25). Free Reverse Mortgage Counseling for Seniors Seeking to Use Home Equity. Disabled World. Retrieved May 20, 2024 from www.disabled-world.com/disability/housing/reverse-mortgage-equity.php

Permalink: <a href="https://www.disabled-world.com/disability/housing/reverse-mortgage-equity.php">Free Reverse Mortgage Counseling for Seniors Seeking to Use Home Equity</a>: NCOA offers free counseling for seniors through its Reverse Mortgage Counseling Services RMCS Network.

Disabled World provides general information only. Materials presented are never meant to substitute for qualified medical care. Any 3rd party offering or advertising does not constitute an endorsement.