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HUD Proposes Certification for Reverse Mortgage Counselors 

Jan 10, 2007By

The U.S. Department of Housing and Urban Development has proposed a rule that would amend HUD’s Home Equity Conversion Mortgage regulations to establish new testing standards to qualify counselors as eligible to provide counseling to prospective HECM borrowers. Home equity conversion mortgages are popularly referred to as ‘reverse mortgages,’ and are designed to enable elderly homeowners to convert the equity in their homes into streams of income.

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