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Housing Counseling

Advantage CCS is a comprehensive housing counseling agency. We are certified by the Department of Housing and Urban Development (HUD) as a counseling agency. We also contract with the Pennsylvania Housing Finance Agency to provide a variety of services. Some of the services include housing counseling on reverse mortgages, mortgage foreclosures and other services to help you buy or keep your home. The Agency’s counselors are certified through the National Foundation for Credit Counseling as both credit and housing counselors.

Buying a Home?
Pre-purchase Housing Counseling

Buying a home is the single largest investment most of us will ever make. Sadly, most of us were never taught personal finance in school or exposed to our parent’s finances at home. Perhaps you are asking yourself questions like, “Can I really afford to buy a house?” or “How will I know if I am being charged reasonable closing fees?” or “What interest rate should I expect to get?” Maybe you can already answer those questions but real estate terms such as earnest money, points, HUD I Settlement Statements, title insurance, or margins and indexes make you feel uneasy. If you are even slightly intimidated by the home buying process, then our homebuyer education workshops are for you.

Some of the topics covered in our workshops include:

Financing a home – you can qualify for below market interest rates even if you earn more than $25.00 per hour
Qualifying for a mortgage – you can get a mortgage even if your credit is –well, less than perfect
Shopping for a home – you can have a real estate agent working for you
The loan application process
The closing process
Life as a homeowner – the positives and negatives

The average homeowner will spend well over 10,000 hours working to pay for a house. You owe it to yourself to spend a half-day gaining the knowledge you need to make wise choices. Contact our education department at 866-430-2227 for a complete schedule of our upcoming home buying workshops.

In addition to workshops, the Agency also offers one on one counseling in all of our locations. An individual session is beneficial for potential homeowners who, after attending a workshop, find would like extra guidance. During the session, the counselor will prepare a comprehensive spending plan and determine “how much house” is affordable based on income and individual circumstances. The counselor can also establish how much is needed for the down payment and closing costs. Finally, the counselor can help those who need to clean up their credit report by assisting with disputing any inaccurate entries.

House Rich and Cash Poor?
A Reverse Mortgage May Be The Solution

A reverse mortgage is a way to tap the equity in your home without having to pay back a loan until the home is sold. It is available to homeowners who are 62 and older who own the home free and clear or who only have a very small mortgage left to pay. There are several types of reverse mortgages. One of the most popular reverse mortgages is the Home Equity Conversion Mortgage(HECM). This type of mortgage is insured by the federal government through FHA insurance. This type of reverse mortgage requires the homeowner to receive counseling from a HUD (Department of Housing and Urban Development) counselor prior to taking a HECM. The purpose of counseling is to ensure that the homeowner:

Is aware of the costs associated with a reverse mortgage such as closing costs, interest and insurance fees
Is familiar with reverse mortgage terminology and how it works.
Understands its pros and cons
Is informed of other options
Is aware of other implications such as tax consequences, the possible impact on state or federal assistance the homeowner receives, and the impact to any heirs of the home

The Agency provides HECM reverse mortgage counseling and mortgage foreclosure counseling at all of our office locations and by phone for homeowners who live further than 50 miles from the nearest HUD approved agency. Contact us at 866-699-2227 to schedule an appointment. For additional reverse mortgage information, visit AARP’s web site at: http://www.aarp.org/money/revmort/.

Can’t Make Your Mortgage Payments?
Fear You Might Lose Your Home?

Our homes become like best friends, we get attached to them. After all, many of our fondest memories are anchored in our homes. Of all the tragic events that can occur in our lifetimes, loosing a home through a mortgage foreclosure can be one of the most traumatic. Laws vary across the country, but in many states, mortgage foreclosure action can begin after the mortgage is past due by 31 days. Paying the mortgage on time is extremely important. There are times, however, when circumstances dictate that we make a choice between buying food or medications or paying the mortgage.

If you are unable to pay your mortgage, immediately contact your lender and work with your lender until there is a resolution. Lenders have programs available that may be able to help you. For example, your lender may be able to modify your current mortgage or if you must sell the home, allow you to give the deed back in lieu of a mortgage foreclosure. Before a lender will consider stalling any legal action it may have regarding a mortgage foreclosure, it will request proof that the cause of your mortgage delinquency was beyond your control. In order to best assist you, the Agency strongly recommends that you seek default and delinquency counseling at one of its locations. If we do not have a location near you, we will refer you to another HUD approved agency. The purpose is to:

Identify the cause (or what will cause) of your mortgage delinquency
Provide comprehensive budget and credit counseling along with an action plan
Develop a “picture” of your current financial situation
Identify documentation (that your lender will require) confirming your circumstances
Act as an intermediary with your lender by proposing mortgage options best suited to your current financial situation and your likely situation six months from now

Pennsylvania residents may qualify for a special loan program through the Pennsylvania Housing Finance Agency. Prior to taking mortgage foreclosure action, a lender is required to send a notice regarding the Homeowners Emergency Mortgage Assistance Program(HEMAP). Upon receipt of the notice, homeowners have 30 days to apply for the assistance (through a participating credit counseling agency). Eligible homeowners receive funds to make the mortgage current. They may also receive ongoing assistance with the mortgage payment for up to 24 months. Please note that FHA home purchase loans do not qualify for this program.

Complete program guidelines and eligibility criteria are available at: http://www.phfa.org/programs/hemap/ . Homeowners who have received this notice should contact the Agency or another participating agency immediately. Please contact us at 866-699-2227 to schedule an appointment.

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