In a significant development for the mortgage industry in Massachusetts, the state has lifted long-standing restrictions on face-to-face reverse mortgage counseling, now allowing for these crucial sessions to be conducted remotely. This change comes as a response to the ongoing shift towards virtual services and reflects the growing acceptance of remote communication methods in the mortgage sector.
Key points from the development include:
– Massachusetts has removed the requirement for reverse mortgage counseling to be conducted in person
– This evolution aligns with the broader trend towards virtual services in the mortgage industry
– Remote counseling offers greater flexibility and accessibility for borrowers, particularly in light of current health and safety concerns
– Mortgage professionals can now leverage technology to deliver counseling sessions efficiently and effectively, opening up new possibilities for reaching a wider audience
You can read this full article at: https://www.housingwire.com/articles/remote-reverse-mortgage-counseling-now-permanently-permitted-in-massachusetts/(subscription required)
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