The Florida Housing Finance Corp, in cooperation with Fannie Mae and the Florida Department of Elder Affairs and the U.S. Department of the Treasury, launched the Elderly Mortgage Assistance Program (ELMORE) this week to provide financial assistance to delinquent HECM borrowers who need help bringing their property taxes and insurance current.
Using $25 million in federal funding allotted to Florida from the Treasury’s Hardest-Hit Fund (HHF), the ELMORE program will assist elderly homeowners who may be facing foreclosure for non-payment of these required expenses. Other states are considering similar relief programs, but are waiting to see how ELMORE performs.
“There are still some operational issues that need sorting out, but we are very excited about the ELMORE program and will do everything possible as an association to make it work,” said NRMLA President & CEO Peter Bell.
Homeowners who meet specific qualifications may be eligible for a two-year, forgivable loan of up to $25,000. The funds will be distributed to the mortgage servicer, on the homeowner’s behalf, in a lump sum to repay property-related expenses advanced by the servicer (e.g., property taxes, homeowner’s insurance, flood insurance and association fees). Funds may also be used to pay upcoming property-related expenses for up to 12 months.
Florida homeowners with reverse mortgages who want to see if they qualify for the ELMORE program should first contact their reverse mortgage servicer. If the servicer is unable to assist, a homeowner should then contact the toll-free ELMORE Application and Information Line at (800) 601-3534 to apply and/or receive more information on the program. Additionally, borrowers may visit the ELMORE program website at www.FloridaELMORE.org or www.KnowYourOptions.com/reverse for more information.