Resources for Current Homeowners

Mortgage Default Counseling
Mortgage Default Counselors can work with you to help avoid foreclosure or provide assistance during the foreclosure process. Counselors can provide unbiased information on the foreclosure process and one-on-one assistance to secure community and/or legal resources, develop a household budget, and negotiate with lenders for repayment strategies. You may also contact our in-house mortgage default counselors by calling toll free (866) 600-6466 or by clicking here. For a list of local non-profit counseling agencies in your area  Click here. 

Refinancing
Refinancing your mortgage may allow you to pay less interest and lower monthly mortgage payments. When you refinance, you are paying off your current mortgage and obtaining a new one. Refinancing is similar to the process that you encountered when you received your original mortgage and requires many of the same documents. However, you need to be cautious and explore all options to ensure that refinancing is the best choice for your current situation. Please be sure to educate yourself on predatory lending. Our HOPE Counselor Program can help you identify your best options for refinancing.  Click here to find out more.
Additional information on refinancing can be found at:
http://www.fanniemae.com/homebuyers/findamortgage/refinancing/
http://www.freddiemac.com/homebuyers/refinance/

Reverse Mortgage

A reverse mortgage is a loan that enables older homeowners (62+) to convert part of the equity in their homes into tax-free income without having to sell the home, give up title, or take on a new monthly mortgage payment. Instead of making monthly payments to a lender, as with a regular mortgage, a lender makes payments to you. The money from a reverse mortgage can be used for anything: daily living expenses; home repairs or modifications; health care expenses, including prescription drugs or in-home care; paying-off existing debts; prevention of foreclosure; and other needs.

The amount of money you get from a reverse mortgage depends on several factors, including:

• your age,
• type of reverse mortgage selected,
• appraised home value, and
• current interest rates.

In general, the older you are and the more valuable your home (and the less you owe on your home), the more money you can receive. No monthly payments are due on a reverse mortgage while it is outstanding. The loan is repaid when you no longer occupy your home as a principal residence, whether you die, sell the home, or permanently move out.

If you are interested in applying for a reverse mortgage you will need to talk with a HUD approved counseling agency that provides reverse mortgage counseling. The counselor may also help you find other options or solutions and help you decide if a reverse mortgage is really the best thing for you.

Repair Loans
Repair loans are available for current homeowners in some areas of the state. Please contact the programs directly for additional qualifying guidelines.
Click here for local resources