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HECM

Mortgage industry officials warn of halt to reverse mortgage originations without immediate legislative action

George Downey

December 24, 2021 //  by admin

Hundreds of senior citizens seeking financial stability through reverse mortgages could see their plans grind to a halt unless the Massachusetts Legislature acts to extend the governor’s COVID emergency order that expired Dec. 15.

At issue is a state law that mandates in-person counseling for all reverse mortgage applicants. Massachusetts is the only state in the nation that does not allow reverse mortgage counseling by phone or videoconference.

However, Gov. Charlie Baker in April 2020 introduced a COVID-related measure that temporarily permitted counseling by phone or videoconference. That measure, which made it possible for seniors and counselors to interact without fear of COVID transmission, expired on Dec. 15.

Had the Legislature extended the order as was expected, the crisis would have been avoided.

A bill, H1146, that would make telephone and video counseling permanent is pending. That bill likely won’t be acted upon until next spring. In the meantime, senior homeowners are left with the dilemma that legislative inaction created.

George Downey, founder of Harbor Mortgage Solutions in Braintree and a board member of the National Reverse Mortgage Lenders Association, urged the Legislature, which meets on Thursday, to pass the measure.

“If they do nothing, the ability of hundreds of seniors to leverage the equity in their homes during this extremely stressful time will be rendered impossible. There is no rational reason why Massachusetts should be so out of step with every other state when it comes to giving seniors flexibility in arranging for safe and effective reverse mortgage advice,” Downey said.

Multiple factors are contributing to the likely halt, Downey said.

Only eight reverse mortgage counselors who are currently licensed in the state are available and willing to participate in face to face counseling sessions. None of them are scheduling in-house meetings due to COVID concerns, including the rapid spread of the Omicron variant.

As a result, seniors have to drive to one of just six counseling offices in the state, located in Quincy, Agawam, Hyannis, Auburndale, Stoneham and Woburn.

“For many seniors, having to drive such long distances for in-person meetings amid heightened COVID concerns is a non-starter. Not having the ability to conduct these sessions by phone or videoconference is an insurmountable obstacle,” Downey said.

The Massachusetts Mortgage Bankers Association and the National Reverse Mortgage Lenders Association have sent letters to legislative leaders urging passage of the omnibus bill. According to the MMBA, some 1,500 seniors annually in Massachusetts utilize reverse mortgage products.

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Mortgage industry officials warn of halt to reverse mortgage originations without immediate legislative actionRead More

Category: Client NewsTag: HECM, mortgage, reverse mortgage

Newly approved Massachusetts bill streamlines HECM/Reverse Mortgage counseling via telephone and online video. Seniors can now access Housing Wealth during COVID-19.

April 27, 2020 //  by admin

A new law signed by Governor Charlie Baker simplifies the “counseling” requirement associated with most HECM/Reverse Mortgage loans.  The new bill, signed by the governor April 24, 2020, opens the door for telephone and virtual online video counseling to take place during the COVID-19 crisis.  

Previously a face to face meeting between borrower and counselor was required. Given the “social distancing” recommendations this had become impossible.

“We are delighted that seniors, age 62 plus, can now move forward with HECM/Reverse Mortgages and receive the financial security and flexibility they need,” noted George Downey, CEO of Harbor Mortgage based in Braintree, MA and a board member of the National Reverse Mortgage Leaders Association, who championed the bill along with a coalition of other stakeholders including the Massachusetts Mortgage Bankers Association.

The new legislation was part of the “An Act providing for a moratorium on evictions and foreclosures during the COVID-19 Emergency” bill H4647.

Downey continued, “Home equity, recognized now as ‘housing wealth’, has become an important and valuable resource to improve financial planning and extend retirement security. If, how, and when to use it is a key question. Every situation is different and the options are increasing as new programs emerge to meet the changing times.”

Home and condominium owners interested in learning more about their options may contact Harbor Mortgage at 781-843-5553, or visit HarborMortgage.com.

About Harbor Mortgage

Harbor Mortgage Solutions, Inc. is a family-owned, residential mortgage company serving Massachusetts and Rhode Island. Recognized as a leading housing wealth management authority, Harbor Mortgage is dedicated to serving the unique home financing and often complex needs of senior homeowners, while also promoting those needs among consumers, professional advisors, state legislators and industry regulators.

Harbor Mortgage (NMLS #2846, MA-MB2846, and RI 20041821LB) is located in Braintree, MA. For more information, contact 781-843-5553 or visit HarborMortgage.com.

Newly approved Massachusetts bill streamlines HECM/Reverse Mortgage counseling via telephone and online video. Seniors can now access Housing Wealth during COVID-19.Read More

Category: Client NewsTag: HECM, Reverse Mortgages, TeleCounseling

Buying a home with an FHA Reverse Mortgage: a new two credit CE class for Massachusetts Realtors.

March 26, 2019 //  by admin

Real estate agents are invited to attend this two credit Continuing Education class that reveals the little-known homebuying tool that can assist nearly one out of every four of your last-time homebuyers. The class is scheduled for Thursday, April 25 from 9am-11am (registration begins at 8:30am).

The class will be held in the 3rd Floor Conference Room, 100 Grandview Road, Braintree, MA 02184 directly across from the South Shore Plaza and next to the AMC movie theater. Ample and free parking is available.

Although not required, a $20 – $30 donation is suggested.

Topics covered by the 2 credit CE class will include how to use this program to:
• Recover lost listings
• Qualify more buyers
• Sell more expensive homes
• Show empty nesters how they can purchase their mortgage-payment-free retirement home with half the cash

Attendees will learn:
• Which properties are eligible for HECM for purchase
• Which buyers are eligible for HECM for purchase
• What are the consumer safeguards and what does the FHA insurance protect
• What are the rates, costs, and maximum loan amounts

The class will be taught by industry expert, Brett Kirkpatrick, CRMP (NMLS #38612) , of Harbor Mortgage Solutions (NMLS #2846), who has specialized in the uniquely powerful and triple-insured FHA Home Equity Conversion Mortgage (also known as reverse mortgage) since 2001.

The suggested class donation goes directly to the Real Angels Foundation, a 503 (c) non-profit, focused on real estate professionals supporting and promoting local charities, such as Magical Moon Foundation in Marshfield, MA, (helping children battle cancer and other serious diseases) and Heidrea for Heroes in Plymouth, MA, (providing support to local veterans facing everyday challenges).

REGISTRATION IS REQUIRED. Seating is limited so PLEASE only register if you are certain you can attend. RSVP by visiting http://www.RealAngelsAcademy.org or email mailto:info@realangelsfoundation.org.

Buying a home with an FHA Reverse Mortgage: a new two credit CE class for Massachusetts Realtors.Read More

Category: Client NewsTag: HECM, Reverse Mortgages

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