A coalition of reverse mortgage counseling agencies and elder-care experts has collaborated to develop and introduce the National Housing Counseling Association (NHCA).
NHCA will act as an independent organization to support U.S. Department of Housing and Urban Development (HUD)-approved 501(c)(3) housing counseling agencies in the delivery of reverse mortgage counseling services. According to the coalition, NHCA's principal goal is to support education initiatives and provide resources to improve the operational efficiency, consistency and financial sustainability of reverse mortgage counseling programs nationwide.
The association will build on existing best practices in the reverse mortgage counseling industry and will offer membership to all HUD-approved housing counseling agencies that provide reverse mortgage counseling and are prepared to meet HUD Home Equity Conversion Mortgage (HECM) counseling network standards and abide by the NHCA code of ethics.
‘The association was created to ensure the availability and quality of reverse mortgage counseling for seniors,’ says Chuck Stanley, NHCA spokesperson. ‘With the near exhaustion of available HUD funds for HECM counseling, and the delay in HUD's borrower pay regulation, many counseling agencies are being forced to cut back on counseling services.’