Get No-Cost Support for the Homebuying Process

Access LSS Financial Choice Homeownership Counseling

For ministers, housing decisions often involve a unique blend of personal, financial, and spiritual considerations. Whether you are planning to purchase a home or contemplating rental options, factors such as proximity to your congregation, affordability, and the home’s suitability for hosting community gatherings can play a significant role in your decision-making. Counseling services that address financial readiness and long-term planning are particularly valuable during this process.

The Pension Boards partners with LSS Financial Choice to offer its members a complimentary and confidential counseling service that suits their individual needs without a sales pitch. LSS is accredited by the U.S. Department of Housing and Urban Development (HUD) to help individuals and families understand the home purchasing process, what steps to take to fix budgeting and credit problems, and how to avoid predatory lending practices.

How LSS Financial Choice Counselors Can Help

LSS counselors can assist with counseling surrounding home ownership, foreclosure prevention, and reverse mortgage.

A. Homeownership Counseling

Buying a home can be a great financial asset for you and your family. Through this service, a HUD-Certified Housing Counselor works with you to get your finances in order and walk you through the homebuying process. With trusted support and resources fit for anyone considering home ownership, you can feel confident that you are doing things right and setting yourself up for long-term success.

HUD-Certified Housing Counselors provide free, confidential, and nonjudgmental guidance such as: 

• helping you assess your financial situation
• determining if you are ready to buy a home
• helping you calculate what you can afford
• addressing barriers like credit, debt, or student loans
• providing information on current mortgage loan programs
• connecting you to down payment and closing cost assistance programs
• achieving your goals based on your specific needs

B. Foreclosure Prevention Counseling

Foreclosure is a legal process in which a lender takes possession of a property due to the homeowner's inability to meet their mortgage payment obligations. This often results in the homeowner losing their residence and facing significant financial and emotional distress.

Seeking foreclosure prevention counseling is crucial for several reasons:

• Avoiding Foreclosure: LSS HUD-Certified Housing Counselors specialize in foreclosure avoidance and can devise a personalized plan to help homeowners retain their homes. According to LSS, 65% of homeowners who received such counseling were able to avoid foreclosure.*
• Access to Resources: Counselors provide information about available housing programs, government assistance, and mortgage modifications that can stabilize a homeowner’s financial situation.
• Customized Financial Planning: Participants receive tailored advice and budgeting strategies to address financial challenges and align their income with their expenses.
• Time Extensions: Counseling can help homeowners negotiate additional time, such as postponing a Sheriff’s Sale, allowing them to explore viable solutions with their lender.

*Data taken from monthly survey sent to individuals served.

An LSS HUD-Certified Housing Counselor can assist you in:

• reviewing your current finances and giving you a clear idea of your options and eligibility for a mortgage modification
• submitting paperwork (which includes assistance with writing a financial hardship letter, if needed) to your mortgage company to apply for a mortgage modification
• taking advantage of available government programs to save your home
• helping you postpone your Sheriff's Sale, so you have more time to work out a solution with your lender

C. Reverse Mortgage Counseling

A reverse mortgage is a financial arrangement designed to assist homeowners aged 62 or older by allowing them to convert part of their home equity into cash. This can provide significant financial relief, especially for retirees or seniors who may need additional income to cover living expenses, medical costs, or other obligations. Unlike traditional loans, a reverse mortgage does not require monthly loan payments. Instead, repayment is deferred until the homeowner sells the property, moves out, or passes away.

This type of mortgage can help individuals by offering them financial flexibility. For instance, it enables homeowners to access funds without selling their property, which means they can continue living in their homes while benefiting from their equity. Additionally, it can supplement income streams, reduce financial stress, and provide a cushion for unexpected costs.

LSS HUD-Certified Housing Counselors provide homeowners with impartial reverse mortgage education and discussions surrounding how a reverse mortgage will affect your financial situation.

Eligibility

LSS will provide you with a link to a “Reverse Mortgage Calculator” to see if you are eligible. To qualify for a reverse mortgage, you must:

• be 62 years of age or older
• own the property outright or have a small mortgage balance
• occupy the property as your principal residence
• not be delinquent on any federal debt
• participate in a consumer information session given by an approved Home Equity Conversion Mortgage counselor

Ready to Take Action? Prepare Before Calling LSS Financial Choice

To make the most of your financial counseling session, it is helpful to have the following information available:

• Your monthly income
• Typical monthly expenses
• Statements from your creditors
• Any other information you believe would clarify your financial situation 

Don't have everything ready? No worries. Connect with LSS Financial Choice and they will guide you through the process.