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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This entry was posted on Thursday, August 5th, 2010 at 11:04 am and is filed under HUD, Legislation, Reverse Mortgage. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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