A coalition of reverse mortgage counseling agencies and experts on caring for the elderly has announced the formation of the National Housing Counseling Association. The NHCA will support 501(c)(3) housing counseling agencies approved by the Department of Housing and Urban Development in the delivery of reverse mortgage counseling services, the organization said. "With the near exhaustion of available HUD funds for [Home Equity Conversion Mortgage] counseling, and the delay in HUD's borrower pay regulation, many counseling agencies are being forced to cut back on counseling services," said NHCA spokesman Chuck Stanley. "NHCA has developed an industrywide approach to accessing additional grant funds without the perceived conflict of interest associated with direct contributions by individual reverse mortgage lenders."
Reverse Counselors Launch Association
Published March 25, 2008, 1:00 p.m. EDT
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