Section .0200 ‑ Training For Reverse Mortgage Counselors

Link to law: http://reports.oah.state.nc.us/ncac/title 24 - independent agencies/chapter 01 - nc housing finance agency/subchapter n/subchapter n rules.html
Published: 2015

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                                                            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.