Reverse Mortgage Counseling Money Management International (MMI) announced that as of July 1st, 2009 it will not charge clients for reverse mortgage counseling. The company believes it has sufficient grant funds to cover expenses until at least October 2009, when HUD grant funds will be available. MMI will limit capacity to about 3,500 sessions each [...]
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Reverse Mortgage: New Counseling Requirements
The U. S. Department of Housing and Urban Development (HUD), now requires that homeowners interested in pursuing a Home Equity Conversion Mortgage (HECM) receive information about reverse mortgages from a counselor. This ensures that homeowners fully understand the implications of a Reverse Mortgage on their home before they commit, and to ensure that the lender [...]
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