Featuring Gene Spencer, CEO
Some reverse mortgage counseling agencies received a financial boost Wednesday when the U.S. Department of Housing and Urban Development announced $47 million in grants to housing counseling organizations across the country.
In addition to supporting counseling for first-time homebuyers and other homeowners, the annual grant money will help fund some reverse mortgage counseling operations.
Quickcert Inc., a Tulsa, Okla.-based counseling agency that focuses solely on reverse mortgage counseling, received $172,433 in grant funding. Brandon Gentry, Quickcert’s operations manger, told RMD that this year’s funding is especially helpful after a few years of not receiving grant money.
“We’re very happy and very appreciative,” he said. “We’re one of the counselors that still allows applicants to finance those costs, and many don’t go on to open the loan, which means we don’t get paid — so at some point you need the money.”
GreenPath Financial Wellness, out of Farmington Hills, Mich. received $2.3 million of the funding. Gene Spencer, CEO of the Homeownership Preservation Foundation, an affiliate of grant recipient GreenPath, did not have numbers to compare this year’s grant to last year’s but did say the funding is just one piece of the the financial puzzle.
“The HUD funding helps, but more is needed to support the needs of aging reverse mortgage holders in ensuring compliance with property taxes, maintenance and other requirements,” Spencer told RMD.
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