Last June, Sarah Hutchinson, Director of Consumer Credit Counseling Services of Greater Greensboro, addressed the Lexington City Council in North Carolina about the assistance available to senior citizens and others facing home loan mortgage problems. According to her, Lexington residents having trouble keeping up with their mortgage payments, particularly elderly residents, have access to several different programs that can help them. Hutchinson met with the city council members due to her organization's relationship with the Lexington Housing Community Development Corp., whose Executive Director and Housing Counselor, Antionette Kerr, introduced her to the council. She told the council that Consumer Credit Counseling Services of Greater Greensboro was founded with the purpose of assisting citizens going through North Carolina mortgage problems.
In her speech, Hutchinson explained several of the avenues available for avoiding foreclosure. She noted that some of these programs are government-related while at least one of them utilizes funds from the Troubled Asset Relief Program ( TARP ). One of the available options she spoke about was a reverse mortgage, which is a solution open to senior citizens 62 years of age or older. A reverse mortgage allows senior citizens with a North Carolina mortgage to convert equity built up in their home as cash that can be used to pay bills. Hutchinson added that in a few cases, some senior citizens making use of a reverse mortgage will never again have to make a payment on their home, although she elaborated that their heirs indeed will.
In addition to outlining these assistance programs, Hutchinson also recounted some success stories in which her organization was able to help citizens suffering from financial hardship, including one situation in which a man's monthly mortgage payment was lowered by $300. She also specified that despite how much financial trouble someone may be in, it is important for residents with a North Carolina mortgage to openly communicate with creditors, as avoiding contact with mortgage companies is not a wise manner to handle financial problems.
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