NRMLA and our Massachusetts members have contacted the Division of Banks and the Executive Office of Elder Affairs and requested temporary relief from in-person reverse mortgage counseling requirements due to the spread of COVID-19.
“Effectively, in-person counseling has been shut down,” says George Downey, CRMP, founder of Harbor Mortgage Solutions, based in Braintree, MA and member of NRMLA’s Board of Directors. “Consistent with the state of emergency conditions today, all counseling agencies have suspended in-person counseling sessions. In the past two weeks, the ranks of certified reverse mortgage counselors in MA has declined from 25 to zero. Reverse mortgage counseling is a mandatory requirement thus the program is now unavailable to MA senior homeowners.”
Downey adds, “A solution is needed immediately. Alternatively, counseling by telephone (the national standard and the MA standard until 8/1/14) and/or video conferencing would solve the problem. Fortunately, this is a simple and practical solution.”
In addition to Downey’s email, NRMLA, on behalf of its members, submitted a letter to the Division of Banks and Executive Office of Elder Affairs that members can read by logging into NRMLAonine.org and accessing the Comment Letters page. NRMLA will alert the membership as soon as get any updates.