Association Responds to NJ Bill Requiring Face-to-Face Counseling

Association Responds to NJ Bill Requiring Face-to-Face Counseling

NRMLA, through its State and Local Issues Committee, sent a letter to New Jersey state Senator Shirley K. Turner that addressed concerns over a proposed bill that she introduced (Senate Bill 2520) that would mandate in-person counseling and a 7-day “cooling off” period.

Why it matters: NRMLA pointed out that there are only six HUD-approved HECM counseling agencies in New Jersey. “Requiring face-to-face counseling will have a chilling effect on reverse mortgage originations in New Jersey and such a requirement is not imposed by FHA under the HECM program,” says NRMLA.

The bottom line: Maintaining a New Jersey senior’s ability to engage in telephonic counseling, if they choose to do so, is critically important, particularly if the potential consumer has special needs, such as a lack of mobility or speaks a foreign language, says NRMLA.

Published by

Darryl Hicks

Darryl Hicks is Vice President of Communications for the National Reverse Mortgage Lenders Association. In this capacity, Hicks writes for NRMLA's publications, manages the association's web sites and social media accounts, assists committees and the Board of Directors, and manages the Certified Reverse Mortgage Professional designation. Prior to joining NRMLA in 1999, Hicks spent three years in the Washington, D.C. bureau for National Mortgage News.