New DCHFA Program Targets Reverse Mortgage Tax and Insurance Costs
March 13, 2019
The District of Columbia Housing Finance Agency (DCHFA) has debuted its $500,000 Reverse Mortgage Insurance & Tax Payment Program (ReMIT), which is designed to offer financial assistance to qualified District homeowners for delinquent property taxes, homeowner’s insurance, and qualifying property related expenses that, if not addressed, could lead to the potential for foreclosure.
Qualified homeowners will be eligible for one-time financial assistance up to $25,000 in zero-interest deferred loans. The borrower’s residence must be secured by a reverse mortgage in the borrower’s name, and that individual’s annual income not should not exceed $77,540.
“ReMIT was created to serve District homeowners that are at risk of losing their homes,” said Todd A. Lee, DCHFA Executive Director and Chief Executive Officer. “With ReMIT, we aim to prevent and reduce the number of foreclosures that are happening in D.C. as a result of delinquent tax and insurance payments. ReMIT, along with the agency’s other foreclosure prevention program, HomeSaver, will allow residents to continue living in their homes that they have worked hard to maintain.”
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