The Massachusetts Division of Banks has notified licensees that in-person counseling will resume for reverse mortgages “originated from December 15, 2021.” The Division of Banks is defining “originated from” as the application date.
Massachusetts has historically required all reverse mortgage counseling be conducted face-to-face. After Governor Charlie Baker (pictured) declared a state of emergency on March 10, 2020, he subsequently signed a bill into law that allowed reverse mortgage counseling to be conducted via one of the following three options: (1) in-person, (2) by synchronous, real-time video conference, or (3) by telephone.
This change was in effect from April 20, 2020, until the end of the State of Emergency on June 15, 2021. On June 16, 2021, Governor Baker signed into law a bill that further extended this provision until December 15, 2021.
NRMLA and its Massachusetts members will continue to advocate for a legislative solution to permit counseling by phone, video or in-person on a permanent basis. Read the full letter from the Division of Banks.