Jan-Feb2020

COUNSELING IS AN INTEGRAL PART of the reverse mortgage process, and with the proliferation of proprietary home equity release products, it has become even more complex and demanding, according to several experts who recently gave a presentation on counseling issues. The most important aspect is to prepare borrowers for their sessions, either in person or by telephone, the three counselors said. And that means preparing the loan originators for what is needed. “I would recommend better communication about products between lenders and counselors,” says Justin Lally, reverse mortgage manager for Cambridge Credit Counseling in Agawam, MA. “Say, a website; I think that would be beneficial to everyone.” Counseling: Integral to Getting Deals Done Experts Review the Pitfalls and Offer Advice to Ensure a Smooth Process By Mark Olshaker 22 REVERSE MORTGAGE / JANUARY-FEBRUARY 2020