NCOA Offers Free Counseling and Brochure for Older Adults Seeking to Tap Home Equity in Surprise, Arizona

NCOA Media Contact: Connie Hofmann 215-219-2943 chofmann@aboutscp.com

NCOA Reverse Mortgage Initiative: Barbara R. Stucki, Ph.D. 541-322-5610

Is a Reverse Mortgage Right For You?

Washington, D.C. (July 31, 2009) —  In response to increased pressure on the income and savings of older adults, the National Council on Aging (NCOA) is offering free counseling for seniors through its Reverse Mortgage Counseling Services (RMCS) Network.  RMCS counselors will waive the usual $125 fee to help older homeowners understand how these loans, along with community programs and other options, could help them to remain in their homes.  Consumers age 62+ can schedule a free reverse mortgage counseling session through September 30, 2009 by calling 1-800-510-0301.

NCOA also offers a consumer booklet on reverse mortgages, entitled Use Your Home to Stay at Home.  The booklet can be downloaded for free at www.ncoa.org/reversemortgagecounseling. As part of the new reverse mortgage counseling protocol under development by the U.S. Department of Housing and Urban Development (HUD), all HUD-approved reverse mortgage counselors will soon be required to provide consumers with this 28-page booklet.  A website for purchasing printed copies will be launched when HUD’s new protocol goes into effect.

“Tapping home equity in a timely way can keep small financial challenges from becoming overwhelming problems, but many older homeowners need guidance on how and when to tap this asset,” said Barbara R. Stucki, Ph.D., Director of the Reverse Mortgage Initiative for NCOA.  “We are pleased to work with HUD to provide both one-on-one reverse mortgage counseling and a detailed consumer booklet to help fill this knowledge gap.”

About NCOA
The National Council on Aging is a non-profit service and advocacy organization headquartered in Washington, DC. NCOA serves as a national voice for older Americans – especially those who are vulnerable and disadvantaged – and the community organizations that serve them. It brings together non-profit organizations, businesses and government to develop creative solutions that improve the lives of all older adults. NCOA works with thousands of organizations across the country to help seniors find jobs and benefits, improve their health, live independently, and remain active in their communities. For more information, visit www.ncoa.org.

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