Following in the footsteps of Money Management International (MMI), the National Council of Aging (NCOA) announced that they will also begin offering free reverse mortgage counseling through September 30, 2009. The counseling will be offered through NCOA’s Reverse Mortgage Counseling Services (RMCS) network.
Again, although lenders cannot steer borrowers towards a particular counselor or set up the counseling session for the borrowers, free counseling is always a good option for seniors to be aware of.
Normally, the RMCS counseling would cost $125. It will be interesting to see if any other lenders will follow MMI and RMCS in offering free services in order to stay competitive.