New HUD Protocol Offers Older Adults More Information and Deeper Financial Assessment, Using Tools and Materials Developed by NCOA
August 5th, 2010
Written by Frost Mortgage
Categories: HUD, Legislation, Reverse Mortgage
WASHINGTON, Aug. 4 /PRNewswire-USNewswire/ — The U.S. Department of Housing and Urban Development (HUD) now requires all HUD-approved reverse mortgage counselors to provide their clients with the National Council on Aging’s (NCOA) 28-page consumer booklet on reverse mortgages. In addition, counselors must complete an extra level of financial assessment to help prospective borrowers gain a greater understanding of financial risk and other factors that may impact their loan.
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