Keep Your Home California has launched a pilot program to help low- and moderate-income seniors avoid foreclosure on their home’s reverse mortgage.
The “Reverse Mortgage Assistance Pilot Program” aims to help financially distressed homeowners, 62 and older, who have an FHA Home Equity Conversion Mortgage. California seniors at risk of losing their home due to delinquent property expenses associated with their Federal Housing Administration-insured reverse mortgages could qualify for as much as $25,000 in assistance, according to a Keep Your Home California release.
“We don’t want these seniors, many of whom live on a fixed income, to lose their homes because of some missed payments caused by a financial hardship beyond their control,” said CalHFA Executive Director Tia Boatman Patterson in a statement.
Homeowners must meet the program’s county-by-county income limits and have endured a financial hardship – such as a reduction of income, a divorce, a death in the family or extraordinary medical bills – in order to qualify for assistance. Homeowners must also reside in the home subject to the reverse mortgage.
Keep Your Home California is a free, federally funded mortgage assistance program managed by the California Housing Finance Agency. For more information, see keepyourhomecalifornia.org or call (888) 954-5337.
Call The Bee’s Mark Glover, (916) 321-1184.