Before a reverse mortgage application can be processed, the federal government (HUD) requires potential borrowers to speak with an approved reverse mortgage counselor, also known as a HECM Counselor. The objective of the counseling is so potential borrowers understand the benefits and limitations of a reverse mortgage as explained by an ...
Policy Waiver Details The policy waivers are in effect until the end of 2021 and include the following: Allowing alternative methods for servicers to conduct borrower interviews for FHA-insured forward and HECM mortgages "when performing early default interventions for borrowers in danger of foreclosure."
* Hurricane Claims Assistance Service: If you have been affected by a Hurricane you can get counseling and assitance in filling out the required paperwork. Friends, relatives, neighbors and community groups can help Seniors get the assistance. Tel: 1-800-621-3362, TTY 1-800-462-7585 or http:www.Fema.gov
If HUD waives the requirement, HUD must receive your paper application before the deadline of this NOFO. To request a waiver and receive a paper copy of the application materials, you should contact: [email protected] All policy information contained in this knowledge base article is based upon the referenced HUD policy document.
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The contract between the Department and NCOA for administering FIT expired on January 8, 2018. Therefore, HECM counselors are now prohibited from accessing FIT for purposes of providing HUD HECM counseling. As a result, OHC needs to PO 00000 Frm 00044 Fmt 4703 Sfmt 4703 waive the above-referenced Handbook provisions which mandate the use of FIT.
borrower may pay the HECM coun-seling fee directly, or the lender may pay the fee. Alternatively, the fee may be paid out of HECM loan proceeds as a cost of the loan. If a lender makes a payment directly to a counseling agency, the counseling agency must disclose to the prospective HECM borrower their funding or other rela-
Consumer Fees for Housing Counseling. Foreclosure prevention counseling services are free of charge. Debthelper provides many housing counseling and education services, including pre-purchase, reverse mortgage, and non-delinquency post-purchase counseling services: DebtHelper has a fee waiver and fee reduction policy for those that qualify
223(e) Location Waiver Buydown: yes no Principal write-down: not a principal write-down > = 10% of first exisiting lien < 10% of exisiting lien Type of Case: forward purchase forward refinance Hecm traditional Hecm purchase Hecm refinance If Purchase, was this case previously sold as real estate owned