A portion of the Department of Housing and Urban Development's $47 million in housing counseling grants have been allocated to reverse mortgage counseling agencies, according to a recent report. Some firms have seen a varied sum in support of their agencies, along with first-time homebuyers and other homeowners.
"Quickcert Inc., a Tulsa, Okla.-based counseling agency that focuses solely on reverse mortgage counseling, received $172,433 in grant funding," according to Reverse Mortgage Daily.
"Brandon Gentry, Quickcert’s operations manger, told RMD that this year’s funding is especially helpful after a few years of not receiving grant money."
Companies who have received grants have been quite appreciative to receive funding, some, after going quite some time without receiving any.
Meanwhile, some companies are stilling looking for more help in order to help reverse mortgage customers that are aging.
“The HUD funding helps, but more is needed to support the needs of aging reverse mortgage holders in ensuring compliance with property taxes, maintenance and other requirements,” said Gene Spencer, CEO of the Homeownership Preservation Foundation, according to the report.
Spencer's company is an affiliate for GreenPath Financial Wellness, a company that received $2.3 million of the $47 million in grants.
To learn more about how companies are benefitting from these grants, click on the image above.