Helping Delinquent HECM Borrowers in IL and CA

The Illinois Housing Development Authority (IHDA) launched the Reverse Mortgage Assistance Program last week to help HECM borrowers in the Prairie State who are in technical default for not paying their property taxes and homeowners insurance policies.

The IHDA offers up to $35,000 to reinstate a homeowner’s delinquent property expenses and pay future taxes and insurance for up to two years. The IHDA issued a press release that explained the eligibility requirements and provided a list of counseling agencies for homeowners to contact if they are interested in getting more information.

Meanwhile in California, the HOPE NOW Alliance and ClearPoint Credit Counseling Solutions are co-sponsoring a free educational seminar in the City of Compton on April 27.

The seminar is the second in a series that will be held in California throughout 2017 by HOPE NOW and ClearPoint. Reverse mortgage borrowers who are in technical default and need assistance, or who have questions about their loans, can speak directly with  HUD-approved HECM counselors. For more information to share with your clients, visit HOPE NOW’s web site, at http://www.hopenow.com.