NJ County to Help Seniors Facing Reverse Mortgage Defaults
New Jersey’s Bergen County is providing $20,000 to its Division of Senior Services for legal referrals to assist low-income seniors who have defaulted on their reverse mortgages.
According to an NJ.com report, this new funding will be used by the division's Home Equity Conversion Mortgage (HECM) Counseling Program. If seniors default on these loans, county counselors will step in to review their finances and present payment plans to lenders and the U.S. Department of Housing & Urban Development (HUD). The county is working with Northeast New Jersey Legal Services, a Hackensack, N.J.-based organization, on this endeavor.
"This program is a win-win, our seniors get to stay in their homes while continuing to pay property taxes, and our top-notch HECM Counseling staff offers them the best advice possible while keeping them safe from predatory lenders or unscrupulous financial services," said Tracy Zur, vice-chairwoman of the county’s Board of Chosen Freeholders.
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