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NCOA now
one of five Reverse Mortgage Counseling
Intermediaries
WASHINGTON, April 8 /PRNewswire-USNewswire/
-- The National Council on Aging (NCOA) has
officially been named by the U.S. Department
of Housing and Urban Development (HUD) as
one of five national counseling
intermediaries for seniors interested in a
reverse mortgage.
A reverse mortgage allows homeowners age 62
and older to convert a portion of their home
equity into cash while they continue to live
at home for as long as they want.
Anyone considering a reverse mortgage must
first receive counseling from an
HUD-approved agency before they can apply
for this type of loan.
"In this difficult economic climate, many
older Americans are turning to their homes
as a source of funds," said James P. Firman,
NCOA president and CEO.
"It is especially important that they and
their families understand what a reverse
mortgage entails as they consider this
financial option."
NCOA offers telephonic counseling to clients
nationwide through its Reverse Mortgage
Counseling Services (RMCS) network.
The network consists of exam-qualified
counselors from nine senior service
agencies, including Area Agencies on Aging
and Aging and Disability Resource Centers,
in eight states (CA, MT, MN, LA, IN, OH, MD,
NV). RMCS counselors also offer face-to-face
counseling in their local areas.
The toll-free number for the NCOA counseling
network is 800-510-0301. Seniors can call
this number to schedule a counseling session
that will educate them about cost and
features of a reverse mortgage.
RMCS counselors also review the challenges
of living at home, and help homeowners find
benefits programs they may qualify for
through NCOA's BenefitsCheckUp(R).
The fee for counseling is $125. NCOA waives
this fee for seniors who are facing
financial challenges such as foreclosure,
and for those with modest incomes (under
$20,000 for single homeowners, and under
$30,000 for couples).
"What makes NCOA's reverse mortgage
counseling network unique is that our
counselors have a deep understanding of the
broad range of issues and options that older
people face when they are considering
whether this loan is the right choice for
them.
The new toll-free number and official HUD
status expand NCOA's service in improving
consumer knowledge about reverse mortgages,
especially for those who are vulnerable and
disadvantaged," Firman added.
In 2007, about 82 percent of the households
headed by people age 65 to 74 were
homeowners, as were almost 78 percent of
those age 75 and older.
The proportion of seniors with some type of
home loan has grown to 32 percent in 2007.
For a current fact sheet on reverse
mortgages, visit the news room at
www.NCOA.org.
The National Council on Aging is a nonprofit
service and advocacy organization
headquartered in Washington, DC.
NCOA is a national voice for older Americans
-- especially those who are vulnerable and
disadvantaged -- 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. For more information, visit
www.ncoa.org
.
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