Help for Florida’s Reverse Mortgage Borrowers
Nov 12, 2013
Seniors with a reverse mortgage in Florida who are behind on their property-related expenses may qualify for assistance from the Florida Housing Finance Corporation through its newly announced Florida Elderly Mortgage Assistance Program (ELMORE).
Fannie Mae is working with Florida Housing and the Florida Department of Elder Affairs to raise awareness about the program. “We are pleased to partner with Florida Housing on this important initiative for struggling homeowners,” said Joy Cianci, Senior Vice President of Making Home Affordable and Foreclosure Prevention at Fannie Mae. “We commend them for being the first state to implement a program to assist elderly homeowners with resources from the Hardest Hit Fund and hope to see other states soon follow suit.”
Can I Qualify?
ELMORE has specific income, hardship and residency requirements. The overall requirements are that you:
- Are a legal U.S. citizen or lawful permanent resident;
- Have a reverse mortgage secured by a property in Florida;
- Reside in your house as your primary residence;
- Have income lower than 140% of the average median income in your area;
- Have fallen behind on property-related expenses due to a hardship such as medical expenses, reduction in income, home repairs, divorce, disability, unemployment or under employment, or other challenges; and
- Can afford property-related payments once you’re caught up through this program.
If approved, you may get up to $25,000 to pay for property-related expenses through a forgivable two-year loan. There is no interest on the loan and there are no payments to make provided you do not sell the property within two years of the date of this loan and you have satisfied all loan terms. If you’ve already received assistance through the Hardest Hit Fund Program, your total assistance cannot exceed $50,000.
Get Help Now
For more information on ELMORE, contact your reverse mortgage servicer. Your servicer’s contact information should be on your loan paperwork or on the periodic statements or notices you receive regarding your reverse mortgage.
Additionally, we list several large reverse mortgage servicers here.
You can also find information about ELMORE on Florida Housing’s website or by calling toll free (855) 414-3328 (Monday – Friday, 9 a.m. to 8 p.m. Eastern Time; Saturday, 9 a.m. to 2 p.m. Eastern Time).