The Division of Banks issued a notice on August 22 to remind approved reverse mortgage lenders in Massachusetts, including banks, of the requirement for in-person counseling for reverse mortgage applicants. The notice announced that a list of approved reverse mortgage counselors is available on the Massachusetts Executive Office of Elder Affairs’ web site.

     Nutter Notes: Massachusetts law requires in-person counseling for reverse mortgage applicants who at the time of application have a gross income of less than 50% of the area median income, and possess assets, excluding a primary residence, valued at less than $120,000.