"Natural disasters can upend lives in an instant, leaving homeowners to cope with emotional trauma and financial uncertainty. Mortgage lenders and housing professionals play a critical role in helping clients rebuild. By connecting survivors to counseling and financial coaching services, you can make recovery faster, safer, and more sustainable. The emotional toll of losing a home or facing severe damage often leads to anxiety, depression, and post-traumatic stress."
"Recent data from non-profit Money Management International underscores the financial strain disasters impose: Living expenses rise by 30% post-disaster for affected households. Half of U.S. households have less than $750 in savings, and 1 in 4 have none. Within a year of a disaster, 62% report zero savings. 42% miss a credit card, rent, mortgage, or loan payment, often turning to high-cost credit: 34% use payday loans (interest rates >400%). 20% use Buy-Now-Pay-Later services."
Natural disasters can upend lives instantly, causing emotional trauma and financial uncertainty for homeowners. Mortgage lenders and housing professionals can connect survivors to counseling and financial coaching to accelerate recovery. Recovery counseling provides emotional support, coping strategies, and family and community guidance delivered by licensed therapists, social workers, and disaster mental health professionals through local agencies, nonprofits, or telehealth. HUD-approved nonprofit financial coaching helps stabilize finances, prevent predatory credit use, and restore housing security. Post-disaster households face rising living expenses, depleted savings, missed payments, and increased use of high-cost credit. Counseling recipients show large improvements in payment resumption and reduced eviction and foreclosure rates.
Read at www.housingwire.com
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