SUBCHAPTER
1N ‑ HOUSING COUNSELING
SECTION .0100 ‑
RESERVED FOR FUTURE CODIFICATION
SECTION .0200 ‑ TRAINING FOR
REVERSE MORTGAGE COUNSELORS
24 NCAC 01N .0201 PURPOSE
The purpose of this Section is to help ensure that
individuals providing counseling required under the state's Reverse Mortgage
Act (General Statutes Chapter 53, Article 21) have received training that
permits them to effectively fulfill their responsibilities.
History Note: Authority G.S. 53‑269; 122A‑5;
122A‑5.1;
Eff. July 1, 1992.
24 NCAC 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.
History Note: Filed as a Temporary Adoption Eff.
November 28, 1991 For a Period of 180 Days to Expire on May 26, 1992;
Authority G.S. 53‑269; 122A‑5; 122A‑5.1;
Eff. August 3, 1992.
24 NCAC 01N .0203 NOTIFICATION OF THE COMMISSIONER OF
BANKS
The agency will provide the Commissioner of Banks with the
names of all persons that have satisfied the counselor training requirements
identified in Rule .0202(d) of this Section.
History Note: Authority G.S. 53‑269; 122A‑5;
122A‑5.1;
Eff. July 1, 1992.
24 NCAC 01N .0204 FEES
(a) The agency may charge reasonable fees to cover the
costs of developing and implementing training programs. The fees may include,
but are not limited to, registration fees for training programs and charges for
the cost of training materials.
(b) The fees to be charged will be identified in training
announcements and materials.
History Note: Authority G.S. 53‑269; 122A‑5;
122A‑5.1;
Eff. July 1, 1992.
