The National Council on Aging (NCOA) has expressed its opposition to the proposed removal of the entire 88 million dollars in funding for Housing Counseling program run by the US Department of housing and urban development, which includes reverse mortgage pupils. The reduction of the funding is part of the financial year 2011 continuing appropriations Act (H.R. 3036).
The NCOA notes that applicants for the Federal Housing Administration-insured reverse mortgages – representing 95% of the market – we need to go through HUD approved reverse mortgage-students. The NCOA States that the loss of funding will affect koinotarches the ability to help reverse-mortgage borrowers in default and at risk of exclusion.
"The only older students helps home owners understand the costs, benefits and risks associated with these loans," says Barbara Stucki, Vice President for home equity initiatives to NCOA. "Without this financing, at least in older Americans may have to pay for this critical advice out-of-pocket."
NCOA urged Congress and the Administration to restore funding for the programme to the forthcoming debate on the budget for fiscal year 2012.