Massachusetts Governor Maura Healy signed a Supplemental Budget Bill this week that includes provisions to authorize reverse mortgage counseling via synchronous real-time video conference or telephone on a permanent basis.
Why it matters: A moratorium that was in place for the past year that allowed for telephone and video counseling expired on March 31.
The Bill was effective retroactively to March 31, 2024, so any errant telephone counseling during the hiatus is covered.
George Downey (pictured) and Brett Kirkpatrick of The Federal Saving Bank issued the following joint statement: “This has been a labor of love (and frustration) for more than a decade. While George and I put a lot of personal time into this effort, we acknowledge and appreciate the support of NRMLA and Deb Sousa of the MMBA in helping to remove this unnecessary burden on Massachusetts seniors seeking to take advantage of the reverse mortgage program.”
The bottom line: “This is a perfect example of how NRMLA members can make a difference at the local level,” said NRMLA President Steve Irwin. “NRMLA supported George and Brett every step of the way, but ultimately it was their hard work that made the difference in getting this policy change enacted.”
