Housing Counseling Agency
Definition - What does Housing Counseling Agency mean?
A housing counseling agency is an organization that provides a broad range of services to individuals, including information on home buying, renting a home, avoiding defaults and foreclosures, and dealing with credit issues.
Not only can a housing counseling agency help consumers understand how to purchase a home, they can also provide information about the real estate market, credit repair and potential financial assistance. Housing counseling agencies also provide one-on-one counseling to home buyers.
Housing counseling agencies often include services from real estate pros and pro bono attorneys, which may help lower income people struggling with possible foreclosure keep their homes and avoid legal fees.
A full list of all U.S. Department of Housing and Urban Development-supported housing counseling agencies can be found on the HUD website.
Justipedia explains Housing Counseling Agency
Another important service offered by housing counseling agencies is providing help to seniors considering a home equity conversion mortgage (HECM) (also referred to as a reverse mortgage). They also provide qualifying customers with foreclosure prevention counseling and homeless counseling services free of charge.
A housing counseling agency is able to charge, however, for any other type of counseling services offered, assuming that the consumer can pay a reasonable and customary fee for these services. Other services that a consumer may request and pay for include educational services for buying a home, reverse mortgage counseling, and non-delinquency post-purchase counseling services.