Credit.org's Reverse Mortgage Academy is designed to enhance understanding and adoption of reverse mortgages by educating homeowners. Chief Innovation Officer Robin Hillary highlighted the increased need for informed counseling as interest in reverse mortgages grows, yet adoption remains low. Traditionally, counseling occurs late in the process, but the academy positions education at the forefront, enabling consumers to grasp key concepts before approaching lenders. This strategic shift aims to cultivate more informed borrowers, thus addressing a small existing market and catering to senior citizens' financial needs amid economic changes.
Hillary stated, "The new academy aims to flip that around... places our services at the beginning of a homeowner's journey to understand, from an unbiased source..."
She noted, "A prospective borrower who has gone through the course has a higher level of understanding about the loan's requirements, obligations and other attributes."
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