Thursday, May 14, 2009

HoCo Offers Reverse Mortgage Counseling

This sounds like a clever idea to provide counseling for what can be a risky proposition. HoCo offers free counseling to people who are considering a "reverse mortgage" in which they typically receive annual payments that are charged against the equity of the home. If the homeowner goes through with a loan, then a fee is collected as part of closing costs.

From HoCo PR:

The Howard County Office on Aging, through Maryland Access Point (MAP), is offering Reverse Mortgage Counseling to Maryland residents age 62 and older who are considering this as an option. The counseling, a collaborative effort with the National Council on Aging (NCOA) is targeted to seniors who may be able to pay for their everyday expenses but are struggling to cover the costs of health care, home repairs and modifications, increased property taxes and other unexpected expenses.

MAP of Howard County currently has four specialists who are trained Reverse Mortgage Counselors. Seniors who receive reverse mortgage counseling through MAP of Howard County will not be charged the counseling fee of $125 unless they choose to apply for a reverse mortgage and then secure a loan. When they do, the fee will become part of the closing costs.

The fee will be waived 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). To schedule a counseling session or learn more about the costs and features of a reverse mortgage, call MAP of Howard County’s toll free number: 1-800-506-5806.

MAP Specialists provide counseling by telephone to clients throughout the State of Maryland based on each individual’s needs and circumstances. They can also review with seniors the benefits and challenges of living at home and help homeowners find other benefit programs they may qualify for through the National Council on Aging’s BenefitsCheckUp®.


RM_Apply said...

Reverse mortgage is a useful estate planning tool that banks and financial institutions ought to offer making available to seniors. It's a great security for them to ensure the delivery of their pensions in the amounts they thought forthcoming.

Raymond Denton said...

It sounds like a wonderful program. The only sad part is that it's only available in Maryland.

Does anybody know of other States offering the same or similar program?