The Department of Housing and Urban Development (HUD) recently announced that it is distributing nearly $73 million dollars in home counseling grants to over 500 national, regional and local organizations. The grants are an increase of $13 million or 22 percent over last years funding levels. HUD and the Obama Administration have placed a strong emphasis on the use of housing counselors to work with troubled borrowers throughout the country as part of its short and long term solution for the housing crisis. HUD-approved counseling agencies not only provide homeownership counseling, but also offer financial literacy training to renters and homeless individuals and families. As part of the announcement, HUD stated that $9.5 million has been allocated to help assist senior citizens seeking reverse mortgages or Home Equity Conversion Mortgages (HECM).
"These organizations are on the front lines of helping families who are desperate to remain in their homes," said U.S. Housing and Urban Development Secretary Shaun Donovan. "Now, more than ever, it’s crucial that we support these agencies that are working with struggling families on a one-to-one basis to manage their money, navigate the homebuying process, and secure their financial futures."