NRMLA, through its State and Local Issues Committee, sent a letter to New Jersey state Senator Shirley K. Turner that addressed concerns over a proposed bill that she introduced (Senate Bill 2520) that would mandate in-person counseling and a 7-day “cooling off” period.
Why it matters: NRMLA pointed out that there are only six HUD-approved HECM counseling agencies in New Jersey. “Requiring face-to-face counseling will have a chilling effect on reverse mortgage originations in New Jersey and such a requirement is not imposed by FHA under the HECM program,” says NRMLA.
The bottom line: Maintaining a New Jersey senior’s ability to engage in telephonic counseling, if they choose to do so, is critically important, particularly if the potential consumer has special needs, such as a lack of mobility or speaks a foreign language, says NRMLA.
- Read the full letter by logging into NRMLA Comment Letters – NRMLA (nrmlaonline.org).