National Housing Counseling Association launchedMortgagePress.comreverse mortgage counseling, HUD, Home Equity Conversion Mortgage
A coalition of reverse mortgage counseling agencies and elder
care experts announced a collaboration to launch the National
Housing Counseling Association (NHCA).
NHCA will act as an independent organization to support U.S. Department of Housing and Urban
Development (HUD)-approved 501(c)(3) housing counseling
agencies in the delivery of reverse mortgage counseling services.
Its principle goal is to support education initiatives and provide
resources to improve the operational efficiency, consistency and
financial sustainability of reverse mortgage counseling programs
The association will build on existing best practices in the
reverse mortgage counseling industry and will offer membership to
all HUD-approved housing counseling agencies that provide reverse
mortgage counseling and are prepared to meet HUD Home Equity
Conversion Mortgage (HECM) counseling network standards and abide
by the NHCA code of ethics.
"The association was created to ensure the availability and
quality of reverse mortgage counseling for seniors," said Chuck
Stanley, NHCA spokesperson. "With the near exhaustion of available
HUD funds for HECM counseling and the delay in HUD's borrower pay
regulation, many counseling agencies are being forced to cut back
on counseling services. NHCA has developed an industry-wide
approach to accessing additional grant funds without the perceived
conflict of interest associated with direct contributions by
individual reverse mortgage lenders.
NHCA is an independent organization formed to support
HUD-approved agencies deliver reverse mortgage counseling services.
For more information, call (866) 266-8215.