Training & Software
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  • Training - HECM counselor training is available for
    employees of public and nonprofit agencies that are
    approved by HUD to provide housing counseling. The
    training is provided by the Neighborhood Reinvestment
    Corporation (NRC) in cooperation with AARP and the
    AARP Foundation.

A two-day NRC training sessions is scheduled for December 13-14 in San Francisco. For information go
to www.nw.org/training/

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  • Training Video HUD-approved counseling agencies
    may order a videotape version of the NRC/AARP 2-day
    training session by calling 202-434-6042. As soon as you
    hear a recorded message, press "2" to go to the counselor
    order-line. When this message is over, say you want the
    "HECM Training-in-a-Box Videotapes and Note-Taking
    Guide." Then leave you name, street address and phone
    number. (On this line, HUD-approved counseling agencies
    can also order multiple copies of AARP's 68-page
    consumer guide.)

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  • Software Programs - HUD-approved counseling
    agencies will soon have three reverse mortgage software
    programs available to them at no cost.
  • HUD/HECM Software - provided by HUD, this
    program covers the HECM program only. But since
    HECM loans are selected by most consumers, this
    program may provide enough information for many
    counseling clients. Its main shortcomings are that it
    does not accept client-specific creditline draws, does
    not provide side-by-side comparisons of HECMs with
    monthly- versus annually-adjusted interest rates, and
    does not provide the three-part "what you get, what
    you pay, what's left over" projections that the AARP
    specifications define.

    You can get this software by calling 800-767-7468
    or by downloading from www.hud.gov/fha/sfh/hecm/
    hecminst.html     
  • FANNIE MAE Software - The "Reverse Mortgage
    Assistant 2.0" meets AARP's model specifications
    for comparing reverse mortgages and has a very clean
    user interface. One serious shortcoming in a beta version
    of this software is that its interest rate entry requirements
    are very confusing, so you have to be careful and deliberate
    to avoid input errors.

    If you already have a copy of Fannie Mae's current version
    of its "Reverse Mortgage Assistant" (version 1.x), then you
    will automatically receive information on obtaining the new
    version (v. 2.00) as soon as it becomes available.

    If you do not have a copy of the current version (1.x) and
    would like to register for a copy of the new version (2.00),
    go to this internet address and follow the instructions: www.fanniemae.com/singlefamily/technology/
    mortgagelinks/ml_reverse.html#register

    PLEASE NOTE that it is only the upcoming new version
    of the RM Assistant (v. 2.00) that is being designed to
    meet AARP's model specifications. Previous versions
    do not meet this new standard.
  • FINANCIAL FREEDOM Software - The "Reverse
    Mortgage Analyzer" is the most comprehensive,
    fully-featured reverse mortgage software now
    available (see "Software Features" below). It is the
    only program that includes Financial Freedom's
    "Cash Account" product that may provide larger
    loan amounts on homes valued at $400,000 or
    more. Its main shortcoming is that you will encounter
    installation or performance problems if your
    computer has less than 14 MB of available disk
    space (or less than 8 MB if you already have a
    copy of MS Access on your hard drive) or less
    than 32 MB of RAM memory.

This software is now being used by the pilot
telecounseling network coordinated by the AARP
Foundation. HUD-approved counseling agencies
will be notified directly when this program is made
available to all such agencies.

The "Reverse Mortgage Analyzer" software is only
available to nonprofit organizations approved by
HUD to provide HECM counseling. If your agency is
listed on the website of HUD's Housing Counseling
Clearinghouse and you would like to obtain this software,
send an email to [address will be posted here when the
software is available]. 

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  • Software Features
 

HUD/
HECM

FANNIE
MAE

FINANCIAL FREEDOM
Reverse Mortgage Products

HECM

HECM
Home Keeper

HECM
Home Keeper
Cash Account
Meets AARP model specifications for comparing reverse mortgages

 

NO

 

YES

 

YES
Includes all HUD 203b equity limits by county or ZIP code

 

NO

 

NO

 

YES
Provides automatic interest rate, 203b, & program updates via the internet

 

NO

 

NO

 

YES
Includes property tax & insurance set-aside calculator

 

NO

 

NO

 

YES
Calculates creditline draws
equaling creditline growth

 

NO

 

NO

 

YES
Includes individual case management & comment files

 

NO

 

NO

 

YES
Disk space & RAM requirements (MBs)

 

30/16

 

49/16

14/32
(8/32 if you already have a copy of MS Access on your hard drive)
Other requirements NO NO

Internet Access
Available to any HUD-approved counseling agency

 

NOW

 

SOON

 

SOON

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Copyright © NCHEC. All rights reserved.
Revised: August 31, 2001.