The National Foundation for Credit Counseling is offering free loss mitigation counseling for older homeowners who have reverse mortgages (RM) and struggle financially.

Thanks to a federal grant, the free program targets homeowners who’ve signed up for the most popular brand of reverse mortgage, the often controversial Home Equity Conversion Mortgage (HECM), administered by the U.S. Department of Housing and Urban Development (HUD).

Reverse mortgages are for borrowers 62 or older who need to tap into their home equity in order to increase their cash-flow. The loans offer cash payments or lines of credit tied to home equity. No payments are due until the borrower dies, leaves the home for 12 consecutive months or more, or fails to maintain the property or pay homeowners insurance or property taxes.

Read the rest of the story. Realty Times – NFCC Offering Free Counseling For Seniors Struggling With Reverse Mortgages.

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