There are still a few holes when it comes to counseling for Home Equity Conversion Mortgages and proprietary products. That's why counselors were sure to clarify what they are looking for when they enter reverse mortgage sessions in a recent panel discussion held at the National Reverse Mortgage Lenders Association Annual Meeting.
"One recommendation for easing that process revolved around lenders that offer proprietary reverse mortgages coming to a consensus on a universal counseling certificate among all the different product variations, as opposed to different certifications that require counselors to charge separate fees for borrowers that seek a certification for different products," according to Reverse Mortgage Daily.
"If we do [FAR’s] HomeSafe for one borrower, [they may shop around] and come back for [One Reverse’s] HELO counseling. Then, they call us a week later with [RMF’s] Equity Elite, and each of those creates a different session each time," said Jennifer Cosentini, housing director for Cambridge Credit Counseling Corp. in Agawam, Mass; according to the RMD report.
According to the report, counselors also want to see a more proactive approach to getting them information on product changes. They would like to get the updates before they happen, that way, they can better prepare the borrower for any impending changes that may occur with a product.
You can learn more about what counselors want out of Home Equity Conversion Mortgage sessions, click on the image above.