Industry Articles
Industry Articles Home > Reverse Mortgage News
|
Credit counseling group announces free reverse mortgage counseling 2010-01-12 Thanks to a government grant, Consumer Credit Counseling Service of Greater Atlanta will offer free reverse mortgage counseling sessions to people in all 50 states. CCCS of Greater Atlanta, a nonprofit that provides consumer finance advice, is the recipient of a $1.8 million Department of Housing and Urban Development grant designated for use in reverse mortgage sessions. "A reverse mortgage can offer seniors greater financial security," CCCS of Greater Atlanta president Suzanne Boas said. Reverse mortgages "can be used to supplement Social Security or meet unexpected medical expenses," she continued. The instruments are available to homeowners over 62 with a significant amount of equity in their homes. Once a reverse mortgage is granted, homeowners are responsible for upkeep and paying property taxes. Reverse mortgages are complex, and most - the kind designated as home equity conversion mortgages, or HECMs - require applicants to undergo a counseling session during the application process. Typically, CCCS of Greater Atlanta said, the sessions are not free - but the just-announced HUD grant will subsidize the counseling costs of 12,500 homeowners. "Obtaining this free counseling from a reputable and qualified nonprofit agency," Boas said, will help seniors "make an informed decision that is best for their unique situation."  |
