24 N.C. Admin. Code 01N .0202 - STANDARDS FOR COUNSELOR TRAINING
(a) All
borrowers applying for a reverse mortgage must receive counseling from an
organization with staff that has completed a training program approved by the
agency.
(b) The agency will
periodically, but no less than once per year, publish a schedule of training
programs that meet the standard for counselor training established in this
Rule. The schedule may be obtained from the North Carolina Housing Finance
Agency, 3300 Drake Circle, Suite 200, Raleigh, North Carolina 27607 or by
calling the agency at (919) 781-6115.
(c) Training programs approved by the agency
may be offered by:
(1) The agency
directly;
(2) The agency in
cooperation with the North Carolina Division of Aging or other state
agencies;
(3) The U.S. Department
of Housing and Urban Development (HUD); or
(4) A third party contractor approved by the
agency.
(d) The
curriculum of approved training programs must at least address, but is not
limited to, the following issues:
(1) The
financial implications of entering into a reverse mortgage;
(2) The consequences of the reverse mortgage
for the borrower's taxes, estate, and eligibility for assistance under federal
and state programs;
(3) Other home
equity conversion options, in addition to reverse mortgages, that may be
available to borrowers including sale-lease back financing, low interest and
deferred payment loans, and property tax deferral;
(4) Options, other than home equity
conversion, that are available to the borrower, including other housing
alternatives and social service, health and financial options; and
(5) Other information the agency may
require.
Notes
Temporary Adoption Eff. November 28, 1991 For a Period of 180 Days to Expire on May 26, 1992;
Eff. August 3, 1992;
Pursuant to G.S. 150B-21.3A, rule is necessary without substantive public interest Eff. September 23, 2017.
Authority G.S. 53-269; 122A-5; 122A-5.1;
Eff. August 3, 1992.
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