Massachusetts lawmakers passed legislation (SB 2472) that allows reverse mortgage borrowers to continue being counseled by phone or video through December 15, 2021.
During the extension period, NRMLA and its Massachusetts members will work with the legislature to make telephonic/video counseling permanent. NRMLA extends our appreciation to George Downey, CRMP, and Brett Kirkpatrick, CRMP, of Harbor Mortgage Solutions, Braintree, MA, for all of their hard work in getting the extension adopted.
On June 15, the State of Emergency declared last year by Governor Charlie Baker ended and the existing law that requires in-person reverse mortgage counseling would have resumed had the December 15 extension not been approved.
Last week, NRMLA submitted a letter to the leadership of the Massachusetts legislature explaining that there was currently only five (5) full-time and one (1) part-time reverse mortgage counselors in Massachusetts who could provide in-person counseling and that a legislative fix to continue allowing for telephone/video counseling was necessary to avoid a potential disruption.
MA Lawmakers Approve Telephone/Video Counseling Extension
