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Our Services.

Salisbury CDC / Our Services

Our Services

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Homeownership
Home Rehabilitation

Home ownership is a financial goal most families share. It is the largest purchase families are likely to make and one of the most important financial assets they can acquire. Finances aside, it is also an emotional fulfillment, the “American Dream.” Salisbury Community Development Corporation is dedicated to helping families turn that dream into reality. Through a collaboration of local, state, and national partnerships, the Salisbury CDC provides families a single source to:

• Learn about the home buying process
• Resolve problems that prevent home ownership
• Make contact with community professionals who will assist them
• Maintain and enhance the homeownership experience

Salisbury Community Development takes families from where they are to being pre-approved and ready to purchase a home. Family members receive home buyer education and counseling to acquire the knowledge and confidence needed to navigate the home buying process and become successful homeowners.

For more information or a list of classes, please contact us at 704-216-2738.

The Salisbury Community Development Corporation’s Rehabilitation Program helps with emergency and/or substantial home repairs for low-to-moderate income homeowners. To be eligible, all properties must be owner occupied and have a household income below 80% median income.

For City of Salisbury Residents:
The Community Development Block Grant (CDBG) Program provides emergency or substantial low interest loans / grants, based on income, to homeowners with repair issues, including those that pose health or safety risks. Qualifying households must be current on property taxes and have homeowners insurance in place.

For Rowan County Residence:
The HOME Program helps create suitable living environments for homeowners living in unincorporated areas of Rowan County. It provides substantial assistance for home repairs for qualifying household in the form of a grant. Homeowners must be current on property taxes and have homeowners insurance.

All rehabilitation projects are completed by licensed, insured contractors who bid competitively on the work needed in all but emergency cases. For more information please contact 704-216-2738.

Foreclosure Prevention
Reverse Mortgage

As a HUD certified Housing Counseling agency, Salisbury Community Development Corporation understand the hardships many homeowners face. Job loss, illness, death of a co-borrower, retirement and other life changes can make it difficult to keep the mortgage current. Salisbury CDC is here to help those struggling to make ends meet. Our agency works with state and federal programs designed to help with mortgage payments for specific groups such as, workers affected by layoffs and self-employed individuals who have experienced a significant reduction in work. Moreover, we offer counseling services to help understand; Loan modifications, forbearance, repayment plans, short sales and deed in lieu as workout options.

If you need assistance, contact us at 704-216-2738 to get information about scheduling an appointment with a counselor.

Reverse mortgages are available to homeowners who are within 6 months of turning 62 years of age or older and have equity in their home.

What is a Reverse Mortgage?
AARP.com defines a reverse mortgage as:
“A loan against your home that you do not have to pay back for as long as you live there. With a reverse mortgage, you can turn the value of your home into cash without having to move or to repay the loan each month. The cash you get from a reverse mortgage can be paid to you in several ways:

•All at once, in a single lump sum of cash;

•As a regular monthly cash advance;

•As a “credit line” account that lets you decide when and how much of your available cash is paid to you; or

•As a combination of these payment methods.

No matter how this loan is paid out to you, you typically don’t have to pay anything back until you die, sell your home, or permanently move out of your home. To be eligible for most reverse mortgages, you must own your home and be 62 years of age or older.”

(For more information from AARP about reverse mortgages, click here  )

Because the decision to use your home’s equity is an important one, NC state law requires reverse mortgage counseling prior to obtaining a reverse mortgage. Salisbury Community Development Corporation charges a $125.00 fee for Reverse Mortgage Counseling due at the time of service.

During a reverse mortgage counseling session our certified counselor will provide an unbiased explanation of the different aspects of a reverse mortgage, review loan estimates, and evaluate the benefit of a reverse mortgage for your particular financial situation. Upon completing the counseling session, you will receive the required certificate for the lender to complete a reverse mortgage loan application.

Call our office at 704-638-5383 to schedule an in-person appointment with our certified reverse mortgage counselor or you can email your completed Intake form (link?) to request an appointment, rstev@salisburync.gov

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