September 13, 2021
Are you a first-time home buyer trying to get good advice on how to prepare for a home loan? Are you interested in an FHA Reverse Mortgage, but not sure about where to find approved housing counseling for an FHA Home Equity Conversion Mortgage (HECM)?
Or perhaps you are a current homeowner with an FHA mortgage trying to avoid foreclosure?
In every case, the FHA and HUD have housing counseling resources you can use to make more informed decisions about purchasing, refinancing, or saving your home.
Did you know that the HUD official site has a page dedicated to housing counseling resources? You can find it at their official site:
The HUD Office of Housing Counseling
As the official site reminds, “HUD sponsor housing counseling agencies throughout the country that can provide advice on buying a home, renting, defaults, foreclosures, and credit issues” and the link above brings you to a resources that allows you to search for a HUD-approved housing counseling agency near you.
You can also use the link above to look specifically for a reverse mortgage counselor or a foreclosure avoidance counselor.
These links can help you learn important things about buying or saving your home.
Did you know that reverse mortgages, for example, backed by the FHA require occupancy in the home as the primary residence and that failing to live in the home as the home address may require the reverse mortgage to become due and payable in full?
When you are contemplating such reverse mortgage rules, it’s easy to forget that some life situations could apply to the above–for example, if a home owner goes into extended care in a facility, could that make your reverse mortgage due and payable in full if the care goes on for too long?
If you aren’t sure whether that applies to you or will apply to you, it’s best to get some expert advice before you commit to the loan.
The same is true for any large financial transaction such as a home loan or car loan–if you don’t understand an aspect of the major legal commitment you are about to make, it’s best to wait until you can make a fully informed purchase.
You can learn more about housing counseling options by calling the FHA at their toll-free hotline, 1-800 CALL FHA.
Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.
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