This evening, Massachusetts Governor Charlie Baker signed a bill (HB4647) into law that allows reverse mortgage applicants to receive the required counseling remotely, by phone or video conference, during the COVID-19 pandemic. The bill, which took effect immediately, would also protect homeowners and renters from foreclosure and eviction.
The bill’s counseling provisions will remain in effect until the COVID-19 state of emergency in Massachusetts is terminated.
Massachusetts is currently the only state that requires in-person counseling for reverse mortgage applicants. However, all counseling agencies in Massachusetts that are approved to counsel reverse mortgage borrowers have suspended in-person counseling sessions.
NRMLA extends our appreciation to Brett Kirkpatrick, CRMP, and George Downey, CRMP, of Harbor Mortgage Solutions, Braintree, MA, for their leadership in working with the Massachusetts Mortgage Bankers Association to get these counseling changes enacted.