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January 30, 2012 Reverse mortgages and their alternatives

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4 Reasons Why Reverse Mortgage Counseling Matters

NCOA Offers Free Counseling for Older Adults Seeking to Tap Home Equity During Economic Downturn

January 20, 2010

NCOA Media Contact
Connie Hofmann
chofmann@aboutscp.com

NCOA Home Equity Initiative
Barbara Stucki, PhD
barb.stucki@ncoa.org
1-800-510-0301

FOR IMMEDIATE RELEASE

Washington, DC -- As older adults continue to face financial challenges in the ongoing economic downturn, the National Council on Aging (NCOA) will offer free counseling for seniors through its Reverse Mortgage Counseling Services (RMCS) Network.

For the next three months, RMCS counselors are waiving the usual $125 counseling fee in order to help more homeowners understand how reverse mortgage loans, along with community programs and other options, could help them to remain in their homes.

Consumers age 62+ can schedule a free reverse mortgage counseling session through April 30, 2010 by calling 1-800-510-0301.

“An increasing number of older adults are struggling with day to day expenses, yet have considerable value in their homes. Home equity can keep small financial challenges from becoming overwhelming problems, but many homeowners need guidance on how and when to use this asset,” said Barbara Stucki, PhD, Vice President of the Home Equity Initiative for NCOA. “We are offering free counseling so that more older adults can learn how to use their home equity at a time when other assets may be depleted.”

NCOA counselors do not charge fees upfront, only at the time of closing should the client decide to take out a reverse mortgage. NCOA counseling is always provided at no cost for clients with annual incomes of less than $20,000 for individuals or $30,000 for couples.

NCOA also offers a free consumer booklet on reverse mortgages, entitled Use Your Home to Stay at Home.