The U.S. Department of Housing and Urban Development (HUD) announced today that $79 million (seventy-nine million dollars) will be made available for a broad range of housing counseling including how to qualify for a reverse mortgage in fiscal 2010. In times like these when reverse mortgage counseling can cost as high as $125, the additional money is a welcoming sign that more free reverse mortgage counseling should be forthcoming.
This funding represents a 27% increase over last year. HUD says the primary benefits of the program are to expand homeownership opportunities, improve access to affordable housing and preserve homeownership. Here is a list of some of the types of counseling the funds will pay for:
- How to avoid foreclosure
- How to purchase a home
- How to rent a home
- How to improve credit scores
- How to qualify for a reverse mortgage
Typically, these grants are awarded competitively to hundreds of HUD-approved counseling agencies and State Housing Finance Agencies that offer a variety of counseling services. For questions about counseling or a complete list of reverse mortgage counseling agencies in your area call (800) 507-2080 or click here.
Michael Manfredi is a Reverse Mortgage Specialist
7310 N 16th Street #315
Phoenix, AZ 85020
(602) 456-0009
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