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Housing Counseling

Housing counseling
Reverse mortgage counseling

Housing counseling

Housing counselors help borrowers prepare for future home ownership by conducting home buyer seminars and following up with one-on-one counseling. The North Carolina

Housing-related Counseling

Housing Finance Agency’s Self-Help Loan Pool and Community Partners Loan Pool programs require borrowers to receive comprehensive housing counseling. Once the home buyer has completed counseling and developed a budget with a housing counselor, the buyer is eligible for down payment assistance.

Often, the housing counselor continues to work with the borrower until the mortgage closes. Some counselors also provide post-purchase counseling, which instructs borrowers on maintaining their homes and preventing mortgage defaults.

If your organization is a Self-Help Loan Pool member, you can either offer the counseling directly or partner with a counseling organization in your community.

If you are a counselor whose organization is not interested in housing development, you could partner with nonprofits and local governments in the Self-Help Loan Pool and Community Partners Loan Pool programs. By working with these groups, you may be able to place people you are already counseling in homes. In addition, you may be able to provide counseling to home buyers planning to buy homes developed by these groups.

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Reverse mortgage counseling

Federal regulations and North Carolina law require that homeowners applying for reverse mortgages must receive counseling. A reverse mortgage is a loan secured by home equity that need not be repaid until the end of the loan term. This is usually when the homeowner no longer occupies the home as a principal residence, sells the home, or dies.

For more information on how reverse mortgages work, go to Reverse Mortgages: Potential income for older Americans. To find a counseling agency in your area, go to HECM Counseling Agencies.

If you are a counselor seeking training in reverse mortgage counseling, HUD offers training through NeighborWorks America. To provide more information to your clients, download The Reverse Mortgage: Trading Equity for Cash.

For more information, contact Mary Holder at or (919) 981-2511. 

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