Community development organization and mortgage counseling resource NeighborWorks America announced on Tuesday that its Reverse Mortgage Information Center (RMIC) — which it describes as a “Home Equity Conversion Mortgage (HECM) hotline” — has been shut down as of January 1, 2023.
NeighborWorks made the announcement through the National Reverse Mortgage Lenders Association (NRMLA), which informed its members of the decision.
“As of January 1, 2023, operations ceased for NeighborWorks America’s [RMIC], a HECM hotline to refer consumers to NeighborWorks network organizations that provide reverse mortgage housing counseling services,” the announcement stated.
In a subsequent statement to NRMLA, NeighborWorks also reminded stakeholders of the U.S. Department of Housing and Urban Development (HUD)’s own hotline number.
“[C]onsumers may choose to be connected with a reverse mortgage housing counselor who services their area by contacting the HUD hotline at 1-800-569-4287,” the follow-up statement said.
The organization will continue to offer HECM counseling for seniors, according to the statement.
“NeighborWorks America remains committed to housing counseling, and its network organizations will continue to provide all of their existing housing counseling services, including reverse mortgage housing counseling,” the notice states. “The HUD Office of Housing Counseling advises consumers seeking support to visit their updated website at HUD.gov to search for a reverse mortgage housing counselor, instead of older HUD websites that list specialized hotline numbers.”
NeighborWorks’ website, which previously referenced its HECM resources, now refers visitors to HUD resources that allow prospective borrowers to locate a nearby HECM counseling center.
RMIC was launched by NeighborWorks America in 2013 with support provided by a $2.5 million, 2.5-year collaboration to improve low-income seniors’ quality of life.
RMD sent an email to NeighborWorks America for comment but had not received a reply prior to publishing this article.
Editor’s note: This story has been updated to include information about HUD’s hotline.
