Loading...

The Benefits of Housing Counseling

946 views

Loading...

Loading...

Transcript

The interactive transcript could not be loaded.

Loading...

Loading...

Rating is available when the video has been rented.
This feature is not available right now. Please try again later.
Published on Oct 11, 2010

http://www.cambridge-credit.org/ -- More often than not, people feel that they’ve been left to fend for themselves when they’re weighing various housing options, trying their best to figure out which arrangement is suitable to their needs – and their long-term financial health. The good news is it does not need to be that way.
All across America, housing counseling agencies are working with individuals to help them identify the options they might use to solve their housing problems. There are a growing number of non-profit agencies, whose services have been reviewed and approved by the United States Department of Housing and Urban Development – or HUD - that educate first-time homebuyers, renters, and people facing foreclosure, support homeless individuals, and provide guidance to senior citizens looking to take advantage of reverse mortgages. Although you may not have heard of housing counseling before, after this episode you can bet they will be your first call when you need advice. Let’s examine some of the more popular offerings of these agencies.




A home is one of the largest investments you’ll ever make, so if you’re planning on buying a home within the next two years, you owe it to yourself to take advantage of pre-purchase homeownership counseling. A HUD-certified housing counselor will explain the steps you need to follow as you prepare for your big acquisition. They’ll review your current budget and credit report with you to help you determine what you can afford, not what a salesperson tells you what you can afford. They’ll also provide information on the advantages and disadvantages of the various financing options and assistance programs that may be available to you, and show you how to avoid predatory lending practices. From choosing the right home, to inspections and closing, a HUD-certified housing counselor will help you learn about the home-buying process and how to make informed financial decisions for yourself and your family.
If you’re a homeowner facing the threat of foreclosure or simply looking to explore your options in this complicated process, a housing counselor can offer invaluable guidance and support. Counselors specializing in mortgage modification will conduct a thorough assessment of your circumstances, show you how to prepare the required documentation, negotiate with your lender when appropriate, and help you create a plan of action that suits your needs.
As reverse mortgages have gained in popularity, senior citizens have been confronted with difficult choices regarding the equity in their home.? The reverse mortgage option may provide a vital supplement to your retirement income, but the idea of sacrificing the hard-earned equity in your home in the current economic climate can be disconcerting. A HUD-approved reverse mortgage counselor will work with you to understand the variety of options available, including the effect of a reverse mortgage on your heirs, application processing, closing and after-closing issues, as well as alternatives to a reverse mortgage that you might want to consider. Your counselor will also discuss eligibility requirements, as well as those features that are unique to reverse mortgages. A counseling session will also help you understand the costs associated with reverse mortgages and specific borrower obligations. You will also be provided with information on housing alternatives and supplements if you decide that a reverse mortgage doesn’t meet your specific needs.
The number of unexpected responsibilities that come with a new home overwhelms many first-time homeowners, but financial management education can show you how to evaluate and refine your budgeting practices, helping prepare you for the variety of expenses that are unique to homeownership. A HUD-approved counselor will review proven techniques for maintaining a positive credit score and the importance of building savings to pay for repairs that are necessary to preserve the value of your home.
For people who prefer to rent their living space, some agencies offer both rental education workshops and personalized one-on-one counseling sessions. Whether you’re already renting or preparing to do so, a counselor can show you effective budgeting and money management techniques that will help make your rental experience a success. A counselor will teach you how to review your credit report and make corrections when needed, and they’ll provide information on the application process, available subsidies, and the difference between leasing and rental agreements. Your counselor will also show you what you need to know about keeping up with necessary maintenance and repairs, and discuss the importance of understanding your rights and responsibilities as a renter.

Loading...

When autoplay is enabled, a suggested video will automatically play next.

Up next


to add this to Watch Later

Add to

Loading playlists...