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NCOA Now One of Five Reverse Mortgage Counseling Intermediaries

WASHINGTON, April 8 /PRNewswire-USNewswire/ -- The National Council on Aging (NCOA) has officially been named by the U.S. Department of Housing and Urban Development (HUD) as one of five national counseling intermediaries for seniors interested in a reverse mortgage.
A reverse mortgage allows homeowners age 62 and older to convert a portion of their home equity into cash while they continue to live at home for as long as they want. Anyone considering a reverse mortgage must first receive counseling from an HUD-approved agency before they can apply for this type of loan.
"In this difficult economic climate, many older Americans are turning to their homes as a source of funds," said James P. Firman, NCOA president and CEO. "It is especially important that they and their families understand what a reverse mortgage entails as they consider this financial option."
NCOA offers telephonic counseling to clients nationwide through its Reverse Mortgage Counseling Services (RMCS) network. The network consists of exam-qualified counselors from nine senior service agencies, including Area Agencies on Aging and Aging and Disability Resource Centers, in eight states (CA, MT, MN, LA, IN, OH, MD, NV). RMCS counselors also offer face-to-face counseling in their local areas.
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