New DCHFA Program Targets Reverse Mortgage Tax and Insurance Costs

Mar 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.”

About the author

Phil Hall

Link copied

Published

Mar 13, 2019

Industry News

Bill Pulte Trump’s Pick For FHFA Director

The founder and CEO of private equity firm, Pulte Capital Partners, LLC, will oversee plans to end GSE conservatorship

In a Thursday post on his social media network Truth Social, President-elect Donald Trump announced his plan to nominate Bill Pulte as director of the Federal Housing Finance Agency (FHFA). "Bill needs no formal introduction to the Great Citizens of our Country,” Trump w...

Tech

Road To 2030 In Mortgage: ‘Velocity Of Decision-Making Is Moving Fast’

Borrowers could be qualified ‘in minutes,’ and large staffs made redundant by AI, mortgage exec says

It’s a good time to “read the tea leaves” in the mortgage industry because the next five years are likely to bring big changes – and the pace of change is only accelerating, disrupted by forces like artificial intelligence (AI) and automation. So noted Rick Roque, corpo...