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The long road to remote reverse mortgage counseling in Massachusetts

May 16, 2024 mpsingh No Comments Real estate counseling, long, Massachusetts, Massachusetts Division of Banks, Massachusetts House of Representatives, Massachusetts Mortgage Bankers Association, Massachusetts State Senate, Mortgage, NRMLA, Remote, Reverse, road, The Federal Savings Bank

From 2010 to 2024, the reverse mortgage industry sought to allow remote reverse mortgage counseling in the state of Massachusetts, citing an insufficient number of actual counselors and logistical challenges for senior clients. But as time dragged on and state lawmakers seemed unwilling to seriously entertain the proposal, the ravages of the COVID-19 coronavirus pandemic [...]read moreThe long road to remote reverse mortgage counseling in Massachusetts

Remote reverse mortgage counseling now permanently permitted in Massachusetts

May 4, 2024 mpsingh No Comments Real estate counseling, Massachusetts, Massachusetts House of Representatives, Massachusetts Mortgage Bankers Association, Mortgage, NRMLA, permanently, permitted, Remote, Reverse, The Federal Savings Bank

A bill that will permanently allow for remote reverse mortgage counseling via telephone or video conferencing services in the state of Massachusetts has been signed into law by Gov. Maura Healey (D), doing away with a strict face-to-face requirement that has stretched the state’s counseling resources and, at times, halted reverse mortgage business within the [...]read moreRemote reverse mortgage counseling now permanently permitted in Massachusetts

Face-to-face reverse mortgage counseling is back in Massachusetts (for now)

April 6, 2024 mpsingh No Comments Real estate counseling, Facetoface, Massachusetts, Massachusetts House of Representatives, Massachusetts Mortgage Bankers Association, Massachusetts State Senate, Mortgage, NRMLA, Reverse

Reverse mortgage professionals in Massachusetts will be reliant on their borrowers’ ability to complete their required counseling sessions under the state’s face-to-face mandate following the expiration of a provision temporarily relaxing the standard that expired on April 1. This is according to prior legislative documents reviewed by RMD and an announcement this week by the [...]read moreFace-to-face reverse mortgage counseling is back in Massachusetts (for now)