NCOA Offers Free Reverse Mortgage Counseling for Older Adults Seeking to Use Their Home Equity Wisely

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Mar 24, 2011, 03:23 ET

Program Helps Homeowners Meet Financial Challenges

WASHINGTON, March 24, 2011 /PRNewswire-USNewswire/ -- As older adults continue to face financial challenges in the sluggish economy, the National Council on Aging (NCOA) will offer free counseling for seniors through its Reverse Mortgage Counseling Services (RMCS) Network.

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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 remain in their homes. Consumers age 62+ can schedule a free reverse mortgage counseling session by calling 1-800-510-0301.

"Many homeowners are struggling in this economy, and with the looming budget cuts in senior services on Capitol Hill, its may make things more difficult for those in need," said Barbara R. Stucki, Ph.D., vice president of Home Equity Initiatives for NCOA. "With this in mind, we are happy to offer free counseling so that older adults can learn how to make smart decisions about using their home equity at a time when other resources may be decreasing."

Generally, NCOA RMCS counselors do not charge a fee for counseling upfront, only at the time of closing, if the client decides to take out a reverse mortgage. RMCS counseling is always free for clients with annual incomes of less than $20,000 for individuals or $30,000 for couples.

NCOA also offers a consumer booklet on reverse mortgages, entitled Use Your Home to Stay at Home. The booklet, and additional information on Reverse Mortgages, can be downloaded for free at www.ncoa.org/reversemortgage.

About NCOA The National Council on Aging is a non-profit service and advocacy organization headquartered in Washington, DC. NCOA is a national voice for older Americans - especially those who are vulnerable and disadvantaged - and the community organizations that serve them. It brings together non-profit organizations, businesses and government to develop creative solutions that improve the lives of all older adults. NCOA works with thousands of organizations across the country to help seniors find jobs and benefits, improve their health, live independently and remain active in their communities. For more information, visit www.NCOA.org.

SOURCE National Council on Aging