HUD Announces Additional Funding for HECM Counseling
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According to a recent press release from the U.S. Department of Housing and Urban Development (HUD):
A $3 million supplemental grant for Home Equity Conversion Mortgage (HECM) counseling is being awarded to the American Association of Retired Persons (AARP) Foundation in partnership with the National Foundation for Credit Counseling (NFCC) and Money Management International (MMI). This grant will provide counseling for the rapidly growing number of elderly homeowners who seek to convert equity in their homes into income that can be used to pay for home improvements, medical costs, and other living expenses.
AARP Foundation
Washington, DC
$ 999,900 – Comprehensive Counseling
$3,000,000 - HECMThe AARP Foundation is AARP’s charitable organization dedicated to enhancing the quality of life for all as they age, with emphasis on those at social and economic risk. AARP Foundation is a unique housing counseling intermediary given their target population – the elderly - and their focus on counseling in conjunction with HUD’s Home Equity Conversion Mortgage (HECM) Program. AARP has received funding from HUD since 1996 to support their work in this area, including establishing a network of expert HECM counselors, an ongoing training and support system for these counselors, and an on-line tool for tracking the work of these counselors. AARP administers a HECM counseling exam designed to identify HECM counseling experts and certify them as members of the AARP HECM counseling network.
This is very good news both for seniors who are seeking reverse mortgages and the millions more who are not aware or lack full understanding of the program.
In addition to the AARP grant, HUD awarded dozens of local agencies smaller grants for “comprehensive” housing counseling which typically incorporates HECM counselling for seniors. A complete state-by-state listing of the housing counselling grant awards is available at the HUD website.
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