Housing counselors help borrowers prepare for future home ownership by conducting home buyer seminars and following up with one-on-one counseling
The Montana Board of Housing Regular Homeownership Program loans require borrowers to complete comprehensive homebuyer education. Once the home buyer has completed counseling and developed a budget with a housing counselor, the buyer is eligible for downpayment assistance.
Often, the housing counselor continues to work with the borrower until the mortgage closes. Some counselors also provide post-purchase counseling, which instructs borrowers on maintaining their homes and preventing mortgage defaults.
If your organization serves First-Time Homebuyers or you are a participant in the Individual Development Accounts Partnership, your organization can either offer the counseling directly or partner with a counseling organization in your community.
See training for counselors for more information. In addition, the Montana Board of Housing maintains a list of agencies in Montana approved to offer housing counseling services to first-time home buyers, homeowners and senior citizens.
If you are a counselor whose organization is not interested in housing development, you could partner with nonprofits and local governments who do. By working with these groups, you may be able to place people you are already counseling in homes. In addition, you may be able to provide counseling to home buyers planning to buy homes developed by these groups.
Reverse mortgage counseling
The RAM program was implemented by the Board in October of 1990. The program enables senior Montana homeowners to more substantially provide for their own in-home support. Lower income seniors 68 years or older have the ability to borrow the equity in their homes and benefit from the additional income.
For most families, a home is not only a significant financial investment but also a source of pride. The loss of a home, due to unexpected events such as unemployment or divorce, can be financially and personally devastating.
If you have been laid off or are facing unemployment or divorce, you can keep your home-----if you know the right steps to take.
The most important thing is that you DO SOMETHING.
If your family is facing the loss of a job, a drastic cut in work hours or overtime, retirement, illness, injury, or death of a family member, or divorce and cannot pay your bills, now is the time to look closely at what you owe and what you earn, eliminating unnecessary spending and reaching out for help if you still can't meet your financial obligations. Taking action now can help you protect your family from the loss of your home.