HUD Awards $8 Million in Reverse Mortgage Counseling Grants

image The U.S. Housing and Urban Development awarded $60 million in housing counseling and training grants to help assist families in becoming first-time homeowners and remain homeowners after their purchase said a statement from HUD.  

“Now, more than ever, it is crucial that Americans better understand how to manage their money, navigate the homebuying process, and secure their financial future,” said Shaun Donovan, HUD Secretary.  “This critical funding will help counseling organizations continue to assist families in making more informed choices before they purchase a home and counsel families facing foreclosure.”

More than $55 million will support the direct provision of housing counseling services by 24 national and regional organizations, 5 multi-state organizations, and 463 state and local housing counseling agencies. 

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In addition, HUD is awarding $5 million to three national organizations to train approximately 4,400 counselors who will receive the instruction and certification necessary to effectively assist families with their housing needs.

Counseling agencies will use $8 million to help assist senior citizens seeking reverse mortgages to meet the rapidly growing number of elderly homeowners who seek to convert equity in their homes into income that can be used to pay for home improvements, medical costs, and other living expenses.