The funding will ensure the continuation of the advice service delivered by Housing Rights Service, until March 2015, which until now was being piloted.
More than 1,500 people have been given advice from the Service since it was launched.
Speaking during a visit to the Housing Rights Service the Minister said: "Anyone who thinks they may be at risk of losing their home because of debt must take action immediately. Help and advice is available.
"Repossession should only ever be the very last resort. It's vitally important that those facing the risk of repossession seek urgent independent advice and speak to their lender to avoid losing their home and explore the options that are available," the DUP Minister said.
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Service advisors are available to help homeowners address mortgage payment and debt problems, which threaten their ability to remain in their homes.
Specialist advisors can also provide advice and representation to enable individuals to remain in their home or, in cases where this is not feasible, assist them to explore alternative housing options.
Minister McCausland also welcomed innovative improvements to the Service: "Exploiting technology to provide alternative forms of access to this service, such as the online virtual advisor, as well as the extended contact hours to 8pm on Tuesdays and Thursdays, provides greater flexibility for those facing mortgage difficulties to take advantage of the advice services on offer."
The Mortgage Debt Advice Service costs approximately £150,000 per year and the £500,000 secured by Minister McCausland will fund the Service through to early 2015.
As part of the service, there is also a dedicated Service telephone number on 0300 323 0310 and a specific Mortgage Debt and Repossession portal at www.housingadviceNI.org
Peter McMahon, Service Manager said: "This funding shows the Department's commitment to assisting people struggling with housing debt.
"Our experience of delivering the pilot service has demonstrated that the earlier people seek free independent advice the more options are available. However, it really is never too late to get help and, if court proceedings have been initiated, it is vital to attend. Even at this stage repossession is not inevitable."
(BMcC/GK)
