is an independent, non-profit source for the information you need
Reverse Mortgage Monitor
to be a savvy consumer in this market. It directs you to the most helpful and reliable consumer information, analysis, resources, commentary, research, reports, alternatives to reverse mortgages, and industry news and sources.
Reverse Mortgage Monitor
is published by the National Center for Home Equity Conversion (NCHEC), a non-profit organization devoted to consumer information and education. It is edited by NCHEC director Ken Scholen, who since 1978 has specialized in reverse mortgage research, education, analysis, training, and advocacy for public and nonprofit organizations. He organized the first three national conferences on reverse mortgages, directed the first three federally-funded research and development projects on reverse mortgages, and authored the first three books on reverse mortgages.
From 1981 to 1987, Scholen led the effort to enact the first public sector insurance program for reverse mortgages:
the U. S. federal government's Home Equity Conversion Mortgage (HECM) program. He developed the Total Annual Loan Cost (TALC) method for analyzing reverse mortgage costs that was adopted by the U. S. Congress
and the Federal Reserve Board of Governors in amending federal Truth-in-Lending disclosure laws. In 1995, he received the Federal Housing Commissioner's Award
for his pioneering work on reverse mortgages.
As a consultant to AARP in the 1990s and as director of the AARP Foundation's Reverse Mortgage Education Project from 1998 until 2007, Scholen led more than
200 HECM counselor training and consumer education sessions in 47 states. He coordinated creation of the national HECM counselor examination and the proto-
type for HUD's HECM counseling protocol. He also collaborated in developing three software programs
for analyzing and comparing reverse mortgage costs.
Scholen has been a studio guest on ABC-TV's "Good Morning America" and CNBC's "Smart Money," has appeared on the NBC Nightly News, and has been a featured speaker at AARP's Biennial Convention. He
has testified before the U. S. Senate Finance Committee, the U. S. House Ways and Means Committee, the Senate
Special
Committee on Aging, and the House Select Committee on Aging.
He has directed a state board on aging, helped organize
a statewide senior advocacy coalition and develop an innovative senior housing facility, directed a comprehen-sive senior services organization, conducted research in city government, and lobbied for six years on children's health and welfare issues. He was a founding board member of United Seniors Health Cooperative (DC) and the Wisconsin Partnership for Housing Development.
In a feature on the first 20 years of the HECM program, National Mortgage Professional called Scholen "a visionary non-commercial entrepreneuer" and "the
father of the HECM program." And here are some
blurbs about
his early work and publications on
reverse mortgages:
An easily understood nuts-and-bolts
guide to reverse mortgages.
New York Times
Enormously useful - the most detailed &
comprehensive guide to reverse mortgages.
Jane Bryant Quinn
The nation's leading authority on reverse mortgages.
The Washington Post
The most comprehensive guide to reverse mortgages
. . . the gold standard.
Kiplinger's Retirement Report
Rates a 10 - an ideal study book for senior citizens.
Los Angeles Times
On a scale of 1 to 10, this outstanding book rates a 12.
Chicago Tribune
Eye-opening - packed with rare information.
Midwest Book Review
The leading authority on reverse mortgages.
Los Angeles Times
The definitive guide to reverse mortgages.
Modern Maturity
First-Place Gold Medal,Best Book
on Financial Services for the Elderly
National Mature Media Awards
Easy to understand - you'll know what
you're doing when you finish it.
Scripps Howard News
Easily readable - the best and most in-depth
treatment of reverse mortgages.
Philadelphia Inquirer
The acknowledged national expert of
the reverse mortgages movement.
San Francisco Examiner
Detailed information on how these programs
work - advantages and disadvantages.
New York Times
Required reading for senior citizens and their heirs.
Chicago Tribune
Well-organized, well-presented, everything you
ever wanted to know about reverse mortgages.
Small Press Magazine
You won't find any better book about reverse mortgages.
Orlando Times
Guides homeowners through
the reverse mortgage maze.
Minneapolis Star Tribune
Contains many charts and
goes into many issues in detail.
Baltimore Sun
An outstanding book - the best book on this topic.
Los Angeles Times
Valuable information on a topic often only
mentioned in passing in personal finance
and retirement planning books.
American Library Association
Takes the mystery out of these loans.
San Francisco Examiner
Written in easy-to-understand language.
Indianapolis Star
The nation's leading expert on reverse mortgages.
Bloomberg Personal
The best reference work on reverse mortgages.
St. Paul Pioneer Press